• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin, Ethereum Crash: $100 Billion Wiped in Mere Minutes

Saeed Hassan by Saeed Hassan
2 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Today the cryptocurrency market experienced a sudden crash, with Bitcoin and Ethereum prices falling. Other major coins also saw a significant fall. Around $100 billion was wiped from the combined value of all cryptocurrencies in just minutes.

In the last 24 hours, Bitcoin experienced a 5% decrease. At the same time, the price of the second-largest cryptocurrency Ethereum has decreased by a similar amount. In addition, Ethereum’s rivals Solana, Cardano, and Avalanche, have reduced by around 3%, while Ripple’s XRP and Terra’s luna lead the significant crypto markets lower.

Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The markets were thrown into chaos on Wednesday after the Federal Reserve announced that they would be hiking their interest rates. The sudden crash came amidst a tech company-led sell-off of stocks in response to this news, which has since spilled over onto other sectors as investors escape towards safer assets.

The U.S. economy could go into recession because of the interest rate hikes and the tightening of monetary policy. Yesterday, Wall Street had a bad day. The Dow Jones Industrial Average lost over 1,000 points, and the tech-heavy Nasdaq fell 5%. Yesterday’s losses preceded big rallies in the previous session.

Bitcoin, which usually moves along with the stock market, has been stuck in a narrow range all year. It has struggled to get back to its high prices from late 2021 amid a broader market sell-off.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Following U.S. Stocks

Bitcoin is not the only thing that is struggling–the S&P 500 has also fallen to a new record low for the year. Sam Kopelman, the U.K. manager for bitcoin and crypto exchange Luno, warned that bitcoin could “slip back into the previously found $36,000-$37,000 support range.”

Bitcoin price chart
Bitcoin trading below $36,000 level with 5 % decline | Source: BTC/USD chart from Tradingview.com

Kopelman’s outlook on the major coins like Ethereum, Solana, Cardano, XRP, Avalanche, and Luna is less than optimistic, but he does have some hope for bitcoin.

Kopelman said;

Overall, 2022 has generally seen crypto market participants climbing down the risk ladder. Selling their smaller coins for blue-chip coins like bitcoin.

The market has had a delayed response to the Federal Reserve’s biggest rate hike since 2000, first spiking on Wednesday’s news and leading market watchers to believe the potentially “bearish event” to have been “priced in.”

Related Reading | Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off

On May 3, veteran trader Peter Brandt warned the bitcoin price could fall as low as $28,000.

The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000

This does NOT make me a hater $BTC.

                  Featured image from Pixabay and the chart from Tradingview.com

 

Tags: bitcoinCrypto Market CapitalcryptocurrencyethereumUS Stock Market
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Saeed Hassan

Saeed Hassan

Saeed Hassan is a finance and cryptocurrency enthusiast who has been writing about Bitcoin and the blockchain since 2016. He is an author at Bitcoinist and NewsBTC, and he also runs his blog, where he writes about all things related to crypto and finance. In his spare time, Saeed enjoys playing cricket and watching Marvel series.

Related Posts

Bitcoin

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

17 hours ago
bitcoin

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

2 days ago
Bitcoin Whale

Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

2 days ago
crypto market extreme fear

Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000

2 days ago
bitcoin

Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash

3 days ago
Bitcoin

Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

LBank Exchange Will List Ari10 (ARI10) on June 29, 2022

June 26, 2022

CANVAS Is Now Available for Trading on LBank Exchange

June 26, 2022

MoveRich (MVRC) Is Now Available for Trading on LBank Exchange

June 26, 2022

Buying the Dip: Is Investing in Parody Coin (PARO), Helium (HNT), And IOTA (MIOTA) A Smart Move?

June 26, 2022

3 Coins Bringing Innovations To Cryptocurrency Market: Mushe (XMU), Chainlink (LINK), And Loopring (LRC)

June 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.