CryptoZinger logo CryptoZinger logo
Seeking Alpha 2021-12-06 08:59:08

Bitcoin steadies after weekend crash; Bitmart hacked and Bitget suspended

Bitcoin (BTC-USD) still remains below $50,000, down 2% to $48,298 in overnight trading, but prices appear to be be stabilizing after a wild crash over the weekend. Bitcoin plunged all the way down to $44,000 on Saturday, off 17% on the session, triggering a rout in other cryptocurrencies like Ether (ETH-USD), Solana (SOL-USD), Dogecoin (DOGE-UD) and Shiba Inu (SHIB-USD). In fact, the overall crypto sector shed around a fifth of its value, sliding to $2.2T, according to tracker CoinGecko. What happened? Many attributed the crash to speculation around crypto in general - particularly as it relates to NFTs - which had reached levels that make late-1999 look tame (to paraphrase Charlie Munger). When selling picks up, the momentum names which have benefited most from inflows turn into overcrowded positions as investors rush for the exits. The same kind of sentiment has hit other speculative corners of the market like meme stocks, IPOs and SPACs. Others

Read the Disclaimer : All content provided herein this website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms is for general information purposes only, procured from third party sources. CryptoZinger makes no warranties of any kind in relation to the content, including but not limited to accuracy and updatedness. No part of the content that provided constitutes investment advice, financial advice, trading advice, tax advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on the content is solely at your own risk and discretion. You should conduct your own due diligence, research, review, analyse and verify the content before relying on them. Trading is a highly risky activity that can lead to major losses or all of your investment amount, please consult your financial advisor before making any decision. No content on this website is meant to be a solicitation or offer.