CRYPTO MARKET SELL-OFF
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BITCOIN ALONG WITH OTHER CRYPTOCURRENCIES MASSIVELY DROPPED TODAY. AS A CRYPTO INVESTOR, SHOULD YOU BUY THE DIP? What do you do when Bitcoin and other Cryptos crash?
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Bitcoin sold off sharply Wednesday. The slump represented an acceleration of a downtrend in the world’s No. 1 crypto that had begun over the past 10 days or so, investors and industry specialists told MarketWatch.
At last check, bitcoin prices BTCUSD, +1.65% were changing hands at $38,732,56 on CoinDesk, which is actually a remarkable feat since it touched a session low of $30,201.96 before bouncing back.
Prices of Ether ETHUSD, -3.11% on the ethereum blockchain were off 22% at $2,608.84 after touching an intraday nadir at 1,902.08, and dogecoin DOGEUSD, -2.38% was off 25%, changing hands at 35.8 cents.
When bitcoin sneezes the rest of the crypto complex catches a cold because the dominant digital asset has increasingly become a gauge of sentiment not just in nonconventional markets but as a measure of risk appetite more broadly.
Crypto markets have shaved more than $850 billion from their combined market value, according to CoinMarketCap.com.
The stock market also saw substantial selling on the day, which abated somewhat by the closing bell. The Dow Jones Industrial Average DJIA, +0.55%, the S&P 500 index SPX, +1.06% and the Nasdaq Composite Index COMP, +1.77% suffered a third straight day of losses.
Read: ‘Bitcoin is melting.’ Here’s what a 30% drop from highs in the crypto may say about stock-market risk sentiment
Why is bitcoin crashing?
Don’t call it a crash. Bitcoin is falling, but its an asset known for volatile periods.
Its current slump isn’t pegged to one single event or piece of news but was instead being blamed on fear, uncertainty and doubt, or FUD, in the parlance of crypto traders. Fear, at least partly, centered on China’s digital-asset policy. The People’s Republic was reportedly cracking down in the use of digital assets. For veteran crypto investors, such reports aren’t new.
The cryptocurrency market crashed on Wednesday, 19 May, after China decided to ban financial and payment institutions from providing cryptocurrency services.
Prices of major currencies, including Bitcoin, Ethereum, BNB and others crashed as much as 30 percent within the last 24 hours amid concerns over the climate implications of digital coins and further comments from Elon Musk and Chinese government.