Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
According to Cointelegraph business editor Sam Bourgi, Bitcoin is viewed by many as the best “hard money” alternative to sovereign currencies and:
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Home / Markets / Cryptocurrency / Bitcoin appears to crash 87% in a flash on Binance’s US venue Bitcoin appears to crash 87% in a flash on Binance’s US venue Premium Volume on the exchange in that minute was 592.8 Bitcoins, which are worth just shy of $40 million at current prevailing prices. (REUTERS) 1 min read . Updated: 21 Oct 2021, 09:54 PM IST Bloomberg The price of Bitcoin appeared to rapidly — and only temporarily — plunge about 87% on Binance’s U.S. exchange Thursday morning, sinking to as low as $8,200 from around $65,000. The price did nothing like that on other venues, and on Binance the level almost immediately snapped back to where it had been. The plunge occurred at 7:34 a.m. New York time, according to Binance’s website. Volume on the exchange in that minute was 592.8 Bitcoins, which are worth just shy of $40 million at current prevailing prices. Mistakes like this happen throughout finance when, for instance, traders mess up details of their intended trades, entering the wrong price or order size. An erroneously large trade, as one example, can overwhelm an exchange’s order book, leading to a quick and massive decline. The entire U.S. stock market famously flash crashed back in May 2010, though equities have mostly avoided trouble since that era. This is the latest in a string of recent high-profile trading problems in crypto. Synthetify, a new decentralized exchange, was forced to shut down for a while earlier this month shortly after its debut because of bad data provided by the Pyth Network, a price feed backed by some of the world’s most well-known trading and exchange firms. Pyth malfunctioned another time in September, erroneously making it appear that Bitcoin had crashed 90%.
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Users are being warned after a security breach at Robinhood has leaked sensitive information.
Cryptocurrencies are inherently cryptic — it’s right there in the name. And if you follow Warren Buffett’s advice to never invest in businesses you can’t understand, it may be hard to justify investing in a currency made of math instead of gold.
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Bitfury has appointed former Binance US boss Brian Brooks as CEO. Former financial regulators are in control of one of the world’s largest crypto mining outfits when the industry is booming.
Update yourself with important crypto metrics, such as Total Market Cap, BTC Dominance, ETH Dominance, number of cryptocurrencies and more. Check the overall crypto market performance and know where the industry stands today.
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)
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However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
In addition, the hashtag #SAFEMOONWALLET trended on Twitter for days leading up to the intended release. It also made an appearance on a billboard at London’s Piccadilly Circus.
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Leading crypto players in India likely to meet with Indian government next week to give inputs