The price of bitcoin drops by more than $5,000 in a single day which is the single biggest crash in its history. After hitting a new all-time high on Sunday above $34,000, the cryptocurrency’s price began to tumble before suddenly dropping below $29,000 on Monday morning.
Bitcoin Price Drops by $5000 in a Single Day-Biggest Crash in the History
Bitcoin had never previously lost more than $4,000 in the space of a few hours. Back in 2017, severe crashes in terms of percentage losses were seen. The latest flash crash coincided with stock markets around the world hitting record highs in the first trading day of 2021.
The cryptocurrency has since recovered slightly and is currently trading at around the $30,000 mark. The co-founder of blockchain is not worried about the crash of the currency as he says,
“With bitcoin having broken $30,000, I think it’s very likely that the asset will eventually pass $100,000 per coin.”
Recommended: Cryptocurrency: How To Make It Secure
Several people have raised concerns about this technology since the emergence of the first cryptocurrency, Bitcoin. Unlike its blockchain parent technology, cryptocurrencies have prompted many, if not outright, to try their alienation. In the fight against these digital currencies, financial sectors and governments around the globe are at the frontier.