What goes up must come down. Many had predicted a market correction but few of them expected it to be so fast and so violent. In just over an hour $14 billion was unceremoniously dumped out of crypto markets as Bitcoin and its brethren plunged back below previous levels of resistance.<\/p>\n
Crypto markets are still showing no signs of settling down and remain as turbulent and volatile as ever. The rout which began at 14.00 UTC yesterday resulted in total market capitalization plummeting from 2019 highs of over $144 billion to $127 billion a couple of hours later. This, the biggest single day dump of the year, resulted in $17 billion flooding out in a slide of almost 12%.<\/p>\n
The previous big nosedive was on January tenth when similar action lost $10 billion in a matter of hours and almost $16 billion over the 24 hour period<\/a>. Volume was greater this time round hitting a yearly high of almost $40 billion. Since the flash crash crypto markets have settled at around the $128 billion level, which is still higher than they have been for most of this month.<\/p>\n Prominent crypto analyst Murad Mahmudov has compared almost identical looking charts from similar market action in 2014. This difference this time around is that the prices are a magnitude of ten higher. The chart action is uncannily similar aside from the fact that this dump has come quicker;<\/p>\n The party ended sooner this time around. pic.twitter.com\/XAvbgZKVCX<\/a><\/p>\n — Murad (@MustStopMurad) February 24, 2019<\/a><\/p><\/blockquote>\nParty Ended Sooner This Time Round<\/h2>\n
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