Crypto crashes as Bitcoin drops $9K in an hour

Not a good start to the week for crypto crazies with Bitcoin dropping more than 14% over the weekend, plunging $9K in minutes:

This takes price back to the September highs and before the most recent breakout that saw it make a new historic high, leaving a nasty gap on the weekly chart that could be filled by the next area of support around the $43K level:

Something fishy is happening – as always with cryptoworld – even as ETFs are launched and marginal nations are buying up Bitcoins to bolster then beleaguered foreign reserves.

Other currencies are down:

  • Ether is off more than 10% at just over $4100, down from $4600
  • Solana is off more than 20% at $190
  • Cardano was slashed nearly 25%, down to $1.35

Interestingly, Ethereum was only off about 9% from its recent highs. All just a normal day in cryptoland!

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Comments

  1. Solana, down 20%, reducing the YTD performance to ~10,400%
    It’s a life changing lottery every day for someone in crypto land. How many punters would think nothing of dropping 5K on horses every year? vs dropping $100 a piece on 50 of these s**t coins and going along for the ride.

    • GonzificusMEMBER

      Wow, thanks for the charts, that’s an eye opener. Compare with the price of gold over the same timeframe. Looking a the Nasdaq when it dropped hard in 2000, that was the start of a gold run, when the Nasdaq dropped hard again in 2009, gold went on a tear. Gold is now finishing a giant cup & handle formation & the Nasdaq is rolling over. I think the next few years could really see gold on a massive eye watering tear.