Cryptocurrency Prices Crash to Abysmal Levels, Sending Traders Into a Frenzy: ‘Crazy Adrenaline Rush’

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© Provided by Mediaite Bitcoin Dan Kitwood/Getty Images

Dan Kitwood/Getty Images

Cryptocurrency exchanges including Coinbase went down on Wednesday in amid a crash among digital currencies, which saw prices plummet by as much as 20 to 50 percent.

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The destructive event saw the price of bitcoin crash by approximately 25 percent as of 9 a.m. Eastern, according to data provider Messari, from around $43,000 to roughly $33,000, and down from an all-time high of roughly $65,000. Other currencies fared even worse, including Ethereum, which declined from $3,400 to $2,200, or -35 percent. Cardano fell from more than $2 to to just more than $1 (-40 percent), while Cosmos fell from $23 to $12 (-45 percent).

The drop cleaved more than 20 percent, or about $500 billion, from cryptocurrency markets globally. The shift inspired consumers to flock to cryptocurrency exchanges, causing Coinbase and others to crash. Automated market makers including as Uniswap — which allow customers to trade by paying network “gas” fees — saw users paying as much as $600 to engage in a single transaction.

Users shared their thoughts about the situation on social media.

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The  market saw an uptick as of mid-morning, with prices seeing a quick recovery of around 10 percent as exchanges began to reopen. However, the drop in cryptocurrency prices portended a sell-off in U.S. markets more broadly. The Dow Jones Industrial Average fell more than 500 points minutes after the opening bell, while the Nasdaq and S&P 500 each dropped more than 1 percent.

The post Cryptocurrency Prices Crash to Abysmal Levels, Sending Traders Into a Frenzy: ‘Crazy Adrenaline Rush’ first appeared on Mediaite.

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