Credit Suisse concerns cause Bitcoin, Ethereum, and Dogecoin to plummet.
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin saw a drop in value on Wednesday evening as investors reacted to worries over Credit Suisse Group and the possibility of a European banking crisis. Bitcoin experienced sharp volatility, dropping to $23,946 before regaining ground to trade at $24,346. Ethereum was down around 3.97% at below $1,700, while Dogecoin was trading at $0.069, down 7.78% in the last 24 hours. The global cryptocurrency market capitalization stood at $1.06 trillion, a decrease of 3.74% over the last day. Coinbase Global announced that it planned to end support for six altcoins built on Ethereum. Euler Finance has threatened to launch a $1m reward for information leading to the arrest of hackers who caused the platform to lose nearly $200m in assets if 90% of the funds are not returned within 24 hours. Analysts have suggested that banking turmoil could prove to be bullish for Bitcoin in the long-term, and urged customers to have a long-term horizon when considering the cryptocurrency.
About The Author
