Dogecoin Plummets Nearly 20% As Cryptomarket Loses $200 Billion Over Weekend
The price of Dogecoin dropped nearly 20% following a cryptocurrency market crash this weekend.
The crypto market has lost nearly $200 billion since Sunday, June 20, following a further $200 billion in losses over the last week.
Dogecoin was just one of the cryptocurrencies impacted by the crash, with the price of Bitcoin dropping 7% in 24 hours as of Monday morning, and other leading cryptocurrencies such as Ethereum (ether), Cardano (ada) and Binance Coin all seeing a fall of between 5%-10%.
The love internet users have for the meme-inspired cryptocurrency Dogecoin has not been enough to save it from the crash, as it plummeted by 19% before regaining some of the loss. At the time of writing it is still down by 13%.
It comes following a difficult week in which the price of Dogecoin fell by almost 22%, The Independent reports.
It is thought the latest losses in the cryptocurrency market may have been spurred on by concerns that China is cracking down on the mining of Bitcoin, with the country having announced its regulations on the practice would extend into the province of Sichuan.
Last week, The Big Short’s Michael Burry issued a warning to crypto investors that an increase in interest would spur a market crash, writing on Twitter: ‘All hype/speculation is doing is drawing in retail before the mother of all crashes. When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries.’
Only time will tell if the market will be able to cover from the recent losses, but investors will no doubt be hoping Burry’s warning of the ‘mother of all crashes’ doesn’t come to fruition so soon.
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