Investors woke Monday morning to find almost $200 billion wiped out in as little as 24 hours.
Bitcoin, having hit $41k over the weekend, is currently down 16.37% with one Bitcoin valued at $34,294.
Meanwhile, Ethereum (ETH) the world’s second-largest cryptocurrency is down 19.07% at the time of writing, valuing ETH at $1068.20.
In a sea of red amongst crypto, there is one coin that has gained. XRP is currently up 0.41% as XRP continues to recover following the crash caused by the SEC lawsuit.
Bitcoin fell by as much as 21% over the last 24 hours to hit a low of $32,389. The events over Sunday and Monday have seen the biggest two-day slump since Spring 2020 when the pandemic’s effects started to be known and felt.
Is it a Dip or a Crash?
At this stage whilst coin values are still falling fast, it is too early to say if what we are seeing is a crash or just a dip. As Daily Invest News discussed earlier. The Bitcoin bull run over the last few months is very different from the bull run in 2017. However, people are cashing in.
Whale Alert the Blockchain tracking and analytics company, reported a huge transfer early on Monday when an anonymous user transferred 3,875 Bitcoin into to an unidentified wallet worth almost $138 million.
Scott Minerd, chief investment officer with Guggenheim Investments said:
“Time to take some money off the table,”
“Bitcoin’s parabolic rise is unsustainable in the near term.”
Scott Minerd
Is it a crash or a dip? watch this space!
