In a sudden and sharp decline, crypto prices have experienced a huge pullback in the past hour. Bitcoin, the largest cryptocurrency by market capitalization, saw its value fall by 8% in just one hour, from $67,000 to a low of $61,000.
Altcoins have been hit even harder
The situation for altcoins is even more serious. Ethereum, the second largest cryptocurrency, has lost more than 10% of its value in 1 hour. Solana, known for its efficient blockchain technology, also saw a decline of 12%. XRP, the coin linked to the Ripple network, suffers an even bigger loss with a decline of 14%.
The entire crypto market is showing deep red numbers, an indication of the massive sell-off that is plaguing the market. This indicates widespread fear and uncertainty among investors.
The cause of the decline is still unclear
The immediate cause of this sudden ‘flash crash’ remains unknown. Analysts suggest that a cascade of liquidations, where large amounts of cryptocurrencies are sold in a short time, could be a possible cause.
Market analysts and investors are closely following developments and trying to determine the underlying factors of this sudden decline.
The full impact of this abrupt market shift is yet to be seen, but it is clear that this event has a significant impact on sentiment within the crypto community.
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Source: https://newsbit.nl/cryptomarkt-in-vrije-val-paniek-na-plotselinge-enorme-crash/
