Bitcoin Price Drop: BTC Loses $400 in Just 30 Minutes
It was looking so promising for Bitcoin price last week. The largest coin by market cap surged passed the $4,000 USD mark, only to crash back down on Sunday, February 24th.
Bitcoin dropped a huge $400 USD in just 30 minutes, declining 10% from $4,150 to roughly $3,805 in a short space of time.
There was no catalyst for the sudden drop, except for investors taking their profits while they can.
$4,180 was a six-week high for the coin, and while the price has dropped, daily volumes are still at year-highs of over $10 billion. The coin managed to clamber up $700 in value across last week.
Today is telling a different story for Bitcoin price: BTC is up 1.71% and selling for $3,894 USD at the time of writing according to CoinMarketCap.
As is usually the case, when Bitcoin price suffers a decline, altcoins also take a tumble.
Ethereum (ETH) lost almost 9% in the same period and fell to $139, having started the day at $148. Now, it too has repaired some losses and is back in the green by 0.37%. ETH is currently selling for $140.90.
The third largest coin by market cap, Ripple (XRP), also told a similar story. It lost roughly 7% in the last 24 hours but has rebounded today. XRP currently trades at $0.31 USD and is up 3.30%.
Bitcoin price is being outshone today by two coins in the top ten. Litecoin (LTC) and Bitcoin Cash (BCH) are both rebounding well after the weekend’s crash.
Litecoin is trading at $47.06 USD and is up 4.70% on the day.
Bitcoin Cash is today’s biggest gainer, however, trading at $138.49 USD per coin; it is up 4.87% at the time of writing.
Elsewhere in the crypto-sphere, it will be interesting to see how Bitcoin price reacts to Warren Buffet’s most recent criticism of the coin. According to CNBC, the Berkshire Hathaway CEO has called the digital currency a “delusion” and that it “attracts charlatans.”
The investment mogul has been an outspoken bear regarding the coin for some time now. In 2018 he criticized the coin alongside Bill Gates in another chat with CNBC. On that occasion, he said the “asset itself is creating nothing” and that he can say “almost with certainty, that [cryptocurrencies] will come to a bad ending.”
But what do you think? Will Bitcoin price react to his sentiment tomorrow?
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