The global cryptocurrency has plummeted by 15.66%, losing over $200 billion from yesterday’s peak of $1.68 billion to hover at $1.43 trillion this morning.
Bitcoin lost almost $10,000 in value from its 24 hour peak of $55,752.15 to $47,111.69, a drop of over 16.2 percent. Yet they weren’t the biggest losers as Ehteruem, Binance Coin, Polkadot, XRP, Litecoin and Bitcoin Cash, the top 10 biggest coins, each lost over 22 percent in value.
This is Bitcoin’s biggest 24 hour crash since January 2021 when value first plummeted by 17 percent, before bitcoin hit an all-time high of $40,000 five days later. Shortly after this milestone, Bitcoin crashed again on January 11, this time by 19%, the biggest one day drop in the currency history.
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Numerous financial and economic market experts have warned against the trade of crypto due to its volatility, characterising it as a speculative bubble. Although some of this executives, like JP Morgan have eaten back their words, many have maintained their stance.
Bitcoin is no stranger to sudden crashes as it lost 65 percent in value between January and February 2018. Just days after it had suffered a similar fate in December, falling by 45 percent in five days.
Yet it is worthy of note, that Bitcoin has appreciated by over 700 percent since March 2020 and is expected to recover from this ‘routine’ setback.
Holders of the coin have however expressed optimise on a bounce back:
— Bit • ΞTH Finder (@bitethfinder) February 23, 2021
— Bitcoin Astrology (@Bitcoin_Astro) February 23, 2021
— davide liguori (@davideligu1) February 23, 2021
— Cryptofever (@Cryptofever5) February 23, 2021
— Crypto Rand (@crypto_rand) February 23, 2021
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