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Crypto Markets Down Following Bitcoin Flash Crash

June 27, 2019 at 12:27 by Matt Jackson

All major cryptocurrencies have taken a tumble in trading today, led by double figure drops for Ripple, Bitcoin Cash, and Litecoin. In fact, Chainlink (LINK) is the top coin, currently ranked 21st by market capitalization, to post any gains for the past 24 hour period. The tumble comes following a flash crash that saw Bitcoin shed approximately $2,000 in 2 minutes, with major exchange Coinbase suffering an outage as it struggled to cope with the pressure. Bitcoin itself is down more than 5% in the past 24 hours, although it is expected that the biggest cryptocurrency will recover and surpass its previous yearly highs.

Bitcoin had briefly hit a new yearly high of $14,000 earlier in the day, but some traders were thrown into panic last night, as prices fell to just under $12,000. The flash crash may have only taken a couple of minutes, but it was enough time for major exchange, Coinbase, to face a similar crash. Although prices did correct back to $13,000, the dip may have caused a downturn in sentiment. Bitcoin is trading at around $12,000 following a 5% slide in the past 24 hours. Users reported a slow running Binance service, too, although any downtime was kept to a minimum.

Despite the slide, overall sentiment around Bitcoin remains bullish following a staggering 3 months of increases. Its price has risen from $3,500 at the beginning of April, and many analysts expect it to break previous all time high prices of $20,000, this year.

The Winklevoss twins, well known crypto investors, have seen their fortune double since the start of the year, which means that they now have a combined net worth of $1.45 billion, which is the highest it has been since March 2018. Having competed in the 2008 Beijing Olympics, the former rowers turned Internet entrepreneurs are now venture capitalists and recently completed a seed funding round for a Bitcoin payment processor, BitInstant. The pair famously sued Facebook founder Mark Zuckerberg, claiming that he had stolen their ConnectU idea and used it to create Facebook. The parties settled for $65 million in 2004. In 2013, they claimed to own nearly 1% of all Bitcoin in existence.

Bitcoin’s downturn appears to have dragged the majority of the crypto market with it. Litecoin, having enjoyed a successful run, has posted double digit losses and is now trading below $120.

Bitcoin (BTC) prices slipped 3.91% in the past 24 hours and is now trading at $12,183.22 while Ethereum (ETH) has fallen 7.66% and now costs $314.60. Ripple (XRP) is now trading at $0.432 having fallen 10.8% and Bitcoin Cash’s 12.3% slide means that their price is now $442.35. Litecoin has seen the largest fall of the top five coins, shedding 13.3% off its price and now trading at $118.56.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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