The latest cryptocurrency drop comes a day after rumors of the Russian government's plans to outlaw cryptocurrency use and mining, as well as the Securities and Exchange Commission's rejection of Skybridge's Bitcoin ETF.
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| cryptocurrency crash |
As the Bitcoin market fell dramatically on Friday, memes flooded social media. The most valuable cryptocurrency by market capitalization, Bitcoin dropped almost 15% to trade below $36,000, its lowest level since July 2021.
After almost reaching $52,000 on December 27, 2021, the cryptocurrency had been trading in the $38,000-50,000 range. Bitcoin was last seen trading for $35,350, and Bitcoin has dropped over 50% since reaching an all-time high of $70,000 in November 2021.
Another major crypto-asset, Ethereum, saw a similar drop, falling more than 20% to trade below $2,500.
On Saturday, the market did not show any signs of improvement. Dogecoin, another popular cryptocurrency, has plunged to its lowest level in nine months, trading about $0.13 on Saturday.
The current crypto drop comes a day after rumors of the Russian government's plans to outlaw cryptocurrency use and mining, as well as the Securities and Exchange Commission's rejection of Skybridge's Bitcoin ETF, according to the Street.
Investors and internet users discussed the #bitcoincrash and #cryptocrash on Twitter. While some individuals advocated being careful about the drop and holding, others believed that cryptocurrencies were dead.