By Yusuf Boluwatife
The price value of Bitcoin — the world’s most popular cryptocurrency, has crashed again, causing another flinching damage to its holders, wiping hundreds of millions of pounds from cryptocurrency markets and sending traders into a huge panic.
The cryptocurrency slide below $59,000 following what was regarded as a “flash crash”, a huge drop of more than $5,000 from the levels it was trading at just a few days ago.
This crash is just a week after the cryptocurrency hit a record-high price of $67,000.
Bitcoin’s price drop has also had a damaging impact on a number of other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana and Ripple whose price has also fallen.
The price of Ethereum has slumped nearly six percent to under $4 over the past 24 hours, according to the latest data from CoinDesk.
Cardano’s value has plummeted almost nine percent in the same period to les than $2, while Solana has fallen 8.05 percent to $190.
Wednesday’s crash is in part driven by long-term Bitcoin holders selling at a high price in order to make a significant profit. This is something that frequently happens when there has been a spike in the price of cryptocurrencies.
Meanwhile, this latest drop in value will likely persuade a wave of new buyers to invest in Bitcoin, temped by the sudden dip in price. According to analysts, the drop was long expected and the price could soon jump beyond $60,000 again before too long.
Cryptocurrency prices have surged this year, with Bitcoin alone jumping almost 400 percent in value over the past 12 months.
Earlier this year, experts warned cryptocurrencies remain concentrated among a small number of holders.
