Latest News: Crypto Assets Experience Volatility
Cryptocurrency Market Experiences Sharp Decline in Value
On October 12th, the world’s largest cryptocurrency, Bitcoin, experienced a sudden and sharp decline in value, dropping to $40,830 from $45,165 in just one hour. This represented a 9.6 percent loss in value. Although it did recover slightly to $42,420 by 15:30, the overall daily decline for Bitcoin was 7.2 percent.
The sharp decline also impacted other major cryptocurrencies. Ethereum lost 8.1 percent, Binance Coin lost 4 percent, Solana lost 14.4 percent, Ripple lost 11.2 percent, Cardano lost 12.8 percent, Avax lost 13.7 percent, and Dogecoin lost 10.8 percent of their value. The total market value of cryptocurrencies dropped by $140 billion to $1.59 trillion during the same period.
Analysts were surprised by the sudden downturn, noting that there was no significant news flow to explain the drop. Some suggested that the movement could be described as a correction following a period of sharp rise in the market.
The cryptocurrency market has been known for its volatility, and investors should be prepared for sudden fluctuations in value. It remains to be seen how the market will recover from this recent downturn.
