by • The cryptocurrency market went on a wild rollercoaster ride this week, with Bitcoin’s price trading between $27,500 and $30,000.
• On April 26th, Bitcoin surged toward $28,500 before briefly touching the $30K mark.
• This resulted in hundreds of millions worth of liquidated positions and ultimately sent the entire market plummeting.
Bitcoin’s Wild Rollercoaster Ride
This week saw the cryptocurrency market go through a wild rollercoaster ride. Bitcoin’s price was trading around $27,500 throughout the beginning of the week but soared toward $28,500 on April 26th and briefly touched the $30K mark. This resulted in hundreds of millions worth of liquidated positions and ultimately sent the entire market plummeting.
The Aftermath
After spending a few hours at its peak price point, Bitcoin dropped close to $3K in value within a single hour and caused an immense sell-off across all markets. Despite this dip being bought up shortly afterwards, BTC is now trading above $29K once again.
Troubles in US Financial System
Aside from cryptocurrency market fluctuations, tensions have been mounting within First Republic Bank due to earlier problems that have arisen earlier this year. A large faction of users are reportedly trying to withdraw their funds from the bank after distrusting its operations due to these issues.
Cryptocurrency Community Reacts
The reaction among cryptocurrency users has been mixed as some think that this could be seen as a sign of institutional investors buying up coins while others are concerned about potential liquidity issues arising if too many funds leave First Republic Bank at once.
Conclusion
All-in-all it has been an eventful week for both crypto markets and traditional finance systems alike as prices skyrocketed then plummeted only to return near where they were seven days ago – leaving investors uncertain about what will happen next.
