The crypto market is suffering huge losses across the board today. And leading the drop-off is the largest coin by market cap; Bitcoin dropped from over $6,500 to a new two-week low of $6,243 in early trade today.
The coin has lost over $200 in a 24-hour period, and as happens more commonly than not, there is no definite reason for the sudden drop.
The sudden Bitcoin drop has come somewhat as a surprise. The world’s biggest coin has been hovering between $6,600 and $6,400 for 14-days straight. A stint that has notably been its least volatile period in over a year.
But perhaps the Bitcoin drop was overdue. The equities market is about to close its worst month since 2008’s financial crisis, and where that market threads, Bitcoin tends to follow.
Across the Board
Across the board, we can see the effect of the Bitcoin drop.
The top ten cryptocurrencies are all reporting losses between 3% and 5%. The second largest coin by market cap, Ethereum, is down 3.55% and is currently selling for $197.17. Further down the chart, EOS is experiencing a massive 5% drop and is selling for $5.13.
EOS is the worst affected coin, but not far behind it is Litecoin, which is down 4.83%.
In Related News
But maybe investors are shaking in their boots because of a new report released today about Bitcoin and climate concerns.
A new study released has detailed the massive impact Bitcoin may have on climate change. The culprit, of course, is mining. The amount of electricity involved in the process has the potential to boost global temperatures by more than two degrees by 2033.
Further, the report suggested that if Bitcoin is adopted at a similar rate to other new technologies, it could raise global temperatures by two degrees within 16 years in a worst-case scenario.
So do reports like these have the power to cause such a Bitcoin drop or is today’s crash simply just more volatility in an unpredictable market?
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