Cryptocurrencies experienced a major price upset coming from the weekend. The two-day price drop resulted in a 20 percent net loss for overall cryptocurrency values. As the prices recover today, let's examine what caused the sudden crash.
A Volatile World
While peaking it $5,000 over the weekend, Bitcoin joined almost every other digital coin that experienced double-digit drops in value over the past 48 hours or so, before finally recovering again today (Tuesday). Toward the end of the weekend and yesterday’s holiday, the total cryptocurrency market lost 20 percent in overall value, from a Saturday market cap of $180 billion down to $142 billion. Bitcoin was down some 16.5 percent, while Ethereum lost 23.5 percent.