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Invest. com – It seems that a technical glitch in the exchanges contributed to the massive fall in cryptocurrencies according to several media reports and comments from cryptocurrency traders around the world. The cryptocurrency markets lost almost $ 350 billion of their market value overnight.
Technical problems
Temporary technical trading issues have been reported by users of the Coinbase exchange (NASDAQ 🙂 Global COIN, the largest US cryptocurrency exchange, as well as the Hong Kong-based Bitfinex and FTX exchanges, as well as by competing platforms Gemini and Kraken.
Additionally, an analyst pointed to the massive sell-off of around $ 44 million in tokens on the Huobi cryptocurrency exchange in Seychelles, amplifying losses on Tuesday, as many mainstream investors in the United States returned from three. vacation days.
“Even by crypto standards, Tuesday’s crash was a bit of a concern for crypto bulls,” said cryptocurrency analyst Naim Aslam, chief analyst at AvaTrade.
Naim Aslam wrote: “The price of bitcoin has been under pressure… but if you look closely at the price movement you can see that traders have already bought the downside as the price has rebounded near the simple moving average. 50 days.
“At the same time, it is important to note that cryptocurrency exchanges like Bitfinex have blocked their platforms, and possibly crashed, which is certainly a concern for investors,” said the chief analyst of AvaTrade.
sell order
According to a report released by Bloomberg, cryptocurrency traders are partly responsible for bitcoin’s drop on Tuesday due to problems in the exchanges and a sell order of $ 44 million. According to the report, a crazy day experienced by cryptocurrency exchanges was blamed on a combination of errors and reports of a sell-off that at least one analyst attributed to contributing to the downward pressure on the prices of crypto assets.
Analysts attributed the three days off to US markets and the return of traders on Tuesday after Labor Day, amid the downward wave that deepened market losses over fears that small investors could worsen their losses .
walk now
At the time of writing, the cryptocurrency’s market value has fallen below $ 2 trillion, with losses approaching $ 360 billion in less than 24 hours.
Bitcoin fell 14% to levels of $ 45.2 thousand and Ethereum fell 15.4% to levels of $ 3.2 thousand.
While Cardano fell 15.4% to levels of $ 2.26, and Binance Coin fell 20% to levels of $ 392.
Ripple fell more than 22% to levels of $ 1.05 and Solana fell 16.4% to levels of $ 154.11.
Dogecoin, Polka Dot and Uniswap fell more than 20%, falling to levels of $ 0.23, $ 25.7 and $ 21.9, respectively.
despite the relaunch
Tuesday saw what supporters of digital currency called Bitcoin Day, which coincided with the entry into force of Salvadoran law adopting Bitcoin as the country’s national currency. Cryptocurrency fans on the reddit meme have asked for $ 30 worth of bitcoin in a global campaign to support El Salvador’s decision.
On Tuesday, El Salvador bought nearly 550 bitcoins, worth almost $ 30 million, as part of the $ 150 million bitcoin fund the country decided to launch. The famous American restaurant chain McDonald’s (NYSE 🙂 yesterday announced its acceptance of Bitcoin as a payment currency in El Salvador.
Bukele called on big tech companies Apple (NASDAQ :), Google (NASDAQ :), and Huawei to support Bitcoin Day by releasing it, with reference to enabling apps to enable digital currency exchange and transfer.
The article does not express a recommendation or appointment, but simply a monitoring of market fluctuations, as digital currency trading involves high risks, including the risk of losing all or part of the investment amount, knowing that ‘it is not fully submitted to the financial authorities. and markets.
Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.
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