Bitcoin went through a flash crash and lost more than $7,000 on Tuesday, caused by a chain effect of overleveraged positions getting liquidated. It happened the same day when El Salvador officially acknowledged Bitcoin as legal tender. After the plunge to $43,000, bitcoin bounced back immediately to around $46,000 and has remained stable since. At the time of writing, the price sat about $46,000 with a dominance of 40.49%.Ethereum also plummeted on Tuesday and has shrunken by more than 10% of its value during the mid-week crash. After falling as low as $3000 during the sell-off and liquidation, it has partly recovered and closed at $3428 by the end of the day. At the time of writing, the price consolidated around $3,400 with a dominance of 18.84%.Overall, the price index declined by 9.28%, while the volume and volatility index surged by 19.88% and 140.07% respectively, according to data compiled by Crypto.com.
Crypto.com Weekly Market Update (Week 36, 06/09/2021 - 12/09/2021)
Crypto.com Weekly Market Update (Week 36…
Crypto.com Weekly Market Update (Week 36, 06/09/2021 - 12/09/2021)
Bitcoin went through a flash crash and lost more than $7,000 on Tuesday, caused by a chain effect of overleveraged positions getting liquidated. It happened the same day when El Salvador officially acknowledged Bitcoin as legal tender. After the plunge to $43,000, bitcoin bounced back immediately to around $46,000 and has remained stable since. At the time of writing, the price sat about $46,000 with a dominance of 40.49%.Ethereum also plummeted on Tuesday and has shrunken by more than 10% of its value during the mid-week crash. After falling as low as $3000 during the sell-off and liquidation, it has partly recovered and closed at $3428 by the end of the day. At the time of writing, the price consolidated around $3,400 with a dominance of 18.84%.Overall, the price index declined by 9.28%, while the volume and volatility index surged by 19.88% and 140.07% respectively, according to data compiled by Crypto.com.