Bitcoin plunges 17% at one point, over 240,000 people explode as data shows “extreme fear” in the market

On May 23, the bitcoin index plunged another 16.71% to a low of $31,192.40 per coin. As of this writing, bitcoin has recovered the 34,000-point barrier at $34,071.9 per coin, a rebound of nearly $3,000.

Ether also continued to rally, back above $2,100 per coin. Earlier in the day, Ether also plunged over 20%.

It’s worth noting that the sharp volatility has once again caused significant capital losses. According to the latest data from BitcoinHome.com, a total of 242,175 people blew their positions in the last 24 hours, and $9.646 billion in funds went up in smoke.

On Sunday, the price of bitcoin plummeted again, with the price of the world’s No. 1 cryptocurrency falling more than 50 percent from its peak around mid-April, as the digital asset space saw another round of turmoil. It sent the price of the world’s No. 1 cryptocurrency down 50% from its peak around mid-April.

Ether fell even more on Sunday, reaching 26 percent at one point and falling nearly 60 percent from its all-time high of $4,382.73 set earlier this month.

The weekend’s plunge in the cryptocurrency market caught the attention of bulls and market participants, including billionaire Mark Cuban, who appeared to blame the plunge in part on excessive leverage and speculation on bitcoin alternatives.

Bitcoin plunges 17% at one point, over 240,000 people explode as data shows "extreme fear" in the market

It is also worth noting that a popular indicator of the level of anxiety in the cryptocurrency market is the Fear and Greed Index, which stands at 14, indicating that the market is in extreme fear, while last month the index hit a greed level of 55.

Bitcoin plunges 17% at one point, over 240,000 people explode as data shows "extreme fear" in the market

In order to prevent risks, China recently proposed to crack down on bitcoin mining and trading practices.

On May 18, in order to further implement the “Notice on Preventing Bitcoin Risks”, “Announcement on Preventing Risks of Token Issuance and Financing” and other requirements issued by the central bank and other departments, and to prevent the risk of speculation in virtual currency transactions, the China Internet Finance Association, China Banking Association and China Payment Clearing Association jointly issued an announcement on related matters: financial institutions, payment institutions and other member units shall not use virtual currency for Financial institutions, payment institutions and other members shall not use virtual currency to price products and services, shall not underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall not directly or indirectly provide other services related to virtual currency for customers.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-plunges-17-at-one-point-over-240000-people-explode-as-data-shows-extreme-fear-in-the-market/
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