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Bitcoin Crypto Flash Crash Wiped Out $300 Billion In Less Than 24 Hours


Bitcoin Bitcoin Flash Wiped Crypto Less In 24 … Billion $300 Than Out Crash Hours

Sun, 18 Apr 2021 15:00:00 +0100

The market is already on the mend, but bitcoin prices are still down about 10%

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After a run-up in prices ushering in Coinbase’s long-awaited market debut earlier in the week, the cryptocurrency market plummeted early Sunday after blackouts in China led to massive declines in bitcoin’s mining rates—tanking prices and spurring billions of dollars in liquidations.The market is already on the mend, but bitcoin prices are still down about 10%.An overnight crash that started late Saturday tanked the total market capitalization of cryptocurrencies around the world by about $310 billion in less than 24 hours, shrinking the market from more than $2.2 trillion to less than $1.9 trillion at around 8 a.m.

Eastern, according to crypto-data website CoinMarketCap.As of 9:45 a.m.

Eastern, the market has climbed back to roughly $1.95 trillion, but the price of bitcoin—floating at about $54,750—is still down about 10.5% over the past 24 hours.Cryptocurrency liquidations during the flash crash totaled more than $10 billion, according to Bybt data, reaching their highest levels this year as the price of bitcoin tumbled more than $10,000 below its latest high of nearly $65,000 on Wednesday.Analysts pinned the sudden losses to a stark nearly 50% decline in bitcoin’s hash rate, which measures the total processing power being used to mine the cryptocurrency and process its transactions, as a result of blackouts in China’s Xinjiang region, which is home to one of the biggest bitcoin mining networks in the world. Caused by a coal mine explosion in Xinjiang on April 10, the blackouts took days to tank bitcoin’s hash rate, which plummeted from an all-time high above 215 exahash per second on Wednesday to about 120 exahash per second early Sunday.The price of bitcoin has plunged about 12% since the hash rate started falling, but is still up a staggering 750% this year.”Price and hash rate [have] always been correlated,” cryptocurrency researcher and former Forbes contributor Willy Woo said in a series of early Sunday tweets, referencing a similar flash crash in November 2017 and noting that once the hash rate started to normalize in both instances, the price of bitcoin also started to recover. Though heightened institutional adoption and inflationary concerns have lifted the cryptocurrency market to meteoric new highs over the past year, bitcoin’s unyielding volatility have spurred concerns on Wall Street that the token is an unreliable store of wealth.

That sentiment, however, may be changing.

Dallas Federal Reserve President Robert Kaplan on Friday said that despite bitcoin’s volatility, the token has proven itself as a store of value.

“The challenge [with] bitcoin is how widely will it be adopted—right now, it’s clear it’s a store of value,” Kaplan said.

“It obviously moves a lot in value, so that may keep it from spreading too far as a medium of exchange and wide adoption, but that can change and that will evolve.”Bitcoin Mining Hash Rate Drops As Blackouts Instituted In China (Nasdaq)Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes)I’m a reporter at Forbes focusing on markets and finance.

I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalismI’m a reporter at Forbes focusing on markets and finance.

I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant.

Before Forbes, I spent a summer reporting on the L.A.

private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire.

Reach out at jponciano@forbes.com..

Bitcoin

Sun, 18 Apr 2021 15:00:00 +0100

The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets

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Unemployment numbers in the UK give a health check on a slowly reopening economyBitcoin (BTC-USD) is experiencing a massive sell-off, shedding as much as 15% in the last 24 hours — the biggest intraday drop since February — days after hitting record highs. In late February, bitcoin saw a retreat to as low as $43,000 amid uncertainty in the traditional markets over stimulus expectations and their positive effects on US bond yields.The drop appears to coincide with reports that the US Treasury is planning to tackle financial institutions for money laundering carried out through digital assets.On Sunday, bitcoin shed nearly $8,000 and is currently trading 12% lower at $54,900 down from a day high of $61,293. Other cryptocurrencies have also plummeted. Ethereum (ETH-USD) the second biggest cryptocurrency in circulation, fell 17% before paring losses.

It is currently down 13% to $2,132. Litecoin (LTC-USD) also declined, down 24% to $252. It comes after bitcoin approached $65,000 last week ahead of the historic debut listing of cryptocurrency trading platform Coinbase on Wednesday.

Coinbase is the first crypto firm to list on the Nasdaq (^IXIC).Bitcoin prices have been up and down over the last few weeks as governments and regulators hone in on the sector amid rising demand. On Friday, bitcoin plunged 4% after the Central Bank of Turkey banned the use of cryptocurrencies and other digital assets for payments.Turkey's central bank said the ban was motivated by a lack of "central authority regulation" and "supervision mechanisms" for cryptocurrencies and other similar digital assets.It added that, among other risks, cryptocurrencies "may cause non-recoverable losses for the parties to the transactions" due to the lack of regulation.

The ban will come into force from 30 April this year.WATCH: What is bitcoin?Last year, a number of financial institutions and well known investors threw their weight behind cryptocurrencies and blockchain technologies which sent its price skyrocketing.This helped cryptocurrencies gain more popularity in recent months, especially bitcoin, which has more than doubled in value in the last six months.Earlier in 2021, the market value of all bitcoin in circulation hit $1tn for the first time, after a more than 800% surge.

In December, it soared past Visa (V) to make it the world’s largest financial service.In October last year, Bitcoin got a big boost in sentiment after California-based payments platform, PayPal (PYPL) allowed its customers to hold the cryptocurrency in their digital wallets.Meanwhile, US investment bank JPMorgan (JPM) also started banking Coinbase and Gemini platforms and Visa and Mastercard provided services to crypto companies.READ MORE: The history of dogecoin, the joke currency that's worth more than Barclays and LloydsAcceptance from mainstream investors and firms, including Tesla (TSLA) and Mastercard (MA) have also fuelled bitcoin.But it is not the only cryptocurrency doing well.

Ethereum the second-largest cryptocurrency in the world by market cap is also picking up pace, climbing to $2,488 for the first time in its history last week. Most recently, dogecoin (DOGE-USD) stole the spotlight from bitcoin and ethereum this week after it surged more than 200% in 24 hours, giving it a market cap of $52bn.WATCH: What are the risks of investing in cryptocurrency?The "Billions" star says his wife — famed for "Harry Potter" and "Peaky Blinders" — was "utterly heroic in her illness."Some state tax returns may require an adjustment to allow for a new perk that's part of the recently signed stimulus bill.The Premier League and Uefa are among football authorities to have voiced their strong opposition to plans for a European Super League.

In a statement released on Sunday, after reports in The Times suggested the idea of an elite European league had been revived and was being supported by five top-flight English clubs, the Premier League said such a closed-shop competition would “destroy the dream” of clubs and fans hoping to rise through the ranks.

“A European Super League will undermine the appeal of the whole game, and have a deeply damaging impact on the immediate and future prospects of the Premier League and its member clubs, and all those in football who rely on our funding and solidarity to prosper.”A fire engulfed part of Table Mountain in Cape Town, South Africa, on April 18, prompting evacuation orders for hikers in the area per Table Mountain National Park.Around 129 firefighters were dispatched to the scene after the fire was reported at 9 am local time, TMNP said.“It can be confirmed that the Rhodes Memorial Restaurant has unfortunately burnt down,” the national park said.

Local reports described the restaurant as a popular scenic venue.The fire started above Philip Kgosana Drive/Hospital Bend, according to park officials, spreading quickly due to high temperatures of 36 degrees “and an extremely low relative humidity of under 10%.”The fire also spread to the veld above the University of Cape Town (UCT) upper campus and to areas below the M3, closing nearby roads, TMNP said.Video filmed by Claire Berzen shows a burst of fire in the area near Rhodes Memorial Restaurant as a firefighting helicopter flies overhead.

Credit: Claire Berzen via StoryfulGeorge Russell and Valtteri Bottas were involved in a huge 200mph crash.Six English teams are expected to be part of plans for a breakaway European super league, with an announcement due tonight, Sky News understands.

Among the English clubs involved are Liverpool, Manchester United, Arsenal and Chelsea.

The project has been launched to rival UEFA's Champions League format which currently dominates European football."Tulips and gardenias are my favorite flowers," the Keeping Up with the Kardashians star said of the thoughtful giftPremier League sides go head-to-head for a spot in the finalAll the important info around the cup clash“Godzilla vs.

Kong” remained atop the domestic box office in its third weekend of release.

The Legendary and Warner Bros movie added another $7.7 million, boosting its North American tally to $80.5 million.

The film looks to be the first to cross $100 million in the U.S and Canada since the pandemic began.

Its ticket […]A group of 12 clubs from England, Spain and Italy have been in discussions about a new league formatThe Champions League is set for a reform.Mark and Donnie's brother Paul Wahlberg named his beachfront restaurant Alma Nova after his mother in 2010Healthy fast-food chain Leon has been bought for £100 million by the Issa brothers, the billionaire siblings who bought Asda just a few months ago.

Mohsin Issa and Zuber Issa said the deal offered a “fantastic opportunity” to purchase a “ brand we have long admired”.

The group has also committed to keeping on Leon’s management team and staff.Secretary of State Antony Blinken on Sunday defended the US decision to withdraw from Afghanistan, saying the terror threat had moved elsewhere and that Washington needed to refocus resources on challenges such as China and the pandemic.Almost 10 million people are fully vaccinated, with 9,930,846 receiving their second dose of a coronavirus vaccine.

It came as calls grew for India to be added to the Government’s “red list” after a new variant was discovered there.

The Environment Secretary George Eustice told the BBC’s Andrew Marr Show that travellers from India were already subject to stringent checks before entering Britain.Max Verstappen wins Emilia Romagna Grand Prix after Hamilton blunderNew research from life insurance comparison site Reassured asked 2,028 UK residents about changes to their lifestyle choices over lockdown.The actors were "constantly" worried they w0uld be killed off.Dopo la delusione per il secondo posto all'esordio in Bahrain, Max Verstappen su Red Bull vince il Gp di Imola Romagna dimostrando di esser pronto a lottare per il titolo mondiale con Lewis Hamilton.

In una gara caratterizzata dalla pioggia e dai colpi di scena, l'olandese brucia in avvio Hamilton mantenendo la testa della corsa per tutta la gara, alle sue spalle il 7 volte iridato che sconta un errore durante un sorpasso che lo ha costretto a ripartire dalle retrovie fino al secondo posto, terza la McLaren di Lando Norris.

Ai piedi del podio la Ferrari di Charles Leclerc.

Partenza sotto la pioggia per il Gp dell'Emilia Romagna.

Al via della corsa sul circuito di Imola Max Verstappen su Red Bull brucia il compagno di scuderia Perez e dopo uno spalla a spalla ha la meglio anche sul pole-man Lewis Hamilton, guadagnando la prima posizione.

Dietro perde posizioni Perez che cede il passo anche alla Ferrari di Charles Leclerc ora terza, il monegasco è stato vittima di un testacoda nel giro di ricognizione prima del via.

Per un contatto tra Latifi e un’Alfa Romeo, la monoposto del canadese va a muro, ingresso per la safety car.

Nell'impatto con Verstappen la Mercedes di Hamilton ha subito un piccolo danno all’ala anteriore.

Le posizioni di vertice vedono Verstappen, Hamilton, Leclerc, Perez, Ricciardo, Gasly, Stroll, Sainz, Norris, Bottas e Russell.

Testacoda e botta con ala anteriore danneggiata per Mick Schumacher che rientra ai box per risolvere il problema.

Al settimo giro esce di pista la safety car.

Verstappen tenta l'allungo inanellando giri veloci che lo portano a 5'' di vantaggio su Hamilton dopo 10 giri sui 63 totali.

Tutti i primi montano le gomme intermedie.

Replica di Hamilton che fa registrare il giro veloce.

La fine della pioggia sta portando gradualmente la pista ad asciugarsi.

Cambio di gomme per Verstappen e Hamilton ma le posizioni in testa non cambiano.

Ora l'olandese ha 2''9 sul campione del mondo, terzo Leclerc.

Al 31esimo giro clamorosso errore di Hamilton che durante un doppiaggio va lungo alla Tosa rientrando sesto con un'ala danneggiata.

Poco dopo incidente per un contatto tra Bottas e Russel al Tamburello.

Di nuovo in pista la safety car.

Ne approfitta Hamilton per passare ai box.

Bandiera rossa, Hamilton è ripartito e grazie alla sospensione della gara è nono.

Dopo il lungo stop si riparte con le posizioni invariate, dietro Hamilton, in ritardo di 10'' dall'olandese, supera Stroll ed è settimo.

Testacoda della Red Bull di Sergio Perez che riparte ma è 14esimo.

Al 55esimo giro Hamilton, dopo una serie di sorpassi, supera anche Leclerc e si porta in terza posizione, ora nel mirino c'è Norris.

Al 59esimo giro la Mercedes è a ridosso della McLaren e nel giro successivo Hamilton passa.

Nel penultimo giro il campione del mondo fa il giro più veloce ottenendo il punto addizionale che lo tiene in testa alla classifica nonostante il trionfo sotto la bandiera a scacchi di Verstappen.

Alle spalle dell'olandese Hamilton e Norris, quarta la Ferrari di Leclerc seguito dalla 'rossa' di Carlos Sainz..

– April 18, 2021
Bitcoin Crypto Flash Crash Wiped Out $300 Billion In Less Than 24 Hours