The Magazine for Asian Investors
The crypto market remains very volatile after the downturn last Saturday. On Saturday, a large number of cryptocurrencies, led by Bitcoin and Ethereum, lost more than half of their value.
Bitcoin the largest cryptocurrency by market capitalization fell below the $50,000 mark for the first time in a long time and could be bought for a price of just over $42,000. At the moment, Bitcoin has managed to cross the $50,000 mark again and is currently trading at $50,330.
Ethereum, on the other hand, even fell back to $3,503 but managed to recover shortly afterward and is currently trading at $4,355.
Other coins, such as Solana, also collapsed, complementing the carnage in the crypto market last Saturday.
In the meantime, most coins have recovered and are trading higher again, but the market remains very volatile so far. Exactly this could now be the opportunity for short-term gains. On the Solana chart, you can see very nicely how the price several times a day highs and lows.
Solana Price Chart
A different example arises when looking at the chart of the Binance Coin. Here, too, we see how the price forms beautiful ups and downs over several days and showed great entry opportunities for traders. Now, the BNB price seems to have recovered and is again on the rise.
Binance Coin Price Chart
On Monday, crypto exchange Bitmart reported a hacker attack in which nearly $200 million worth of crypto coins were stolen. The hackers were able to get into two hot wallets thanks to a stolen digital key and grab coins running on the Ethereum and Binance networks. Bitmart said it will pay for the damage itself.