Bitcoin struggles to shrug off flash crash

Cryptocurrency's value still in negative territory after 6% overnight fall

Bitcoin logo superimposed on skyscraper                                 

Bitcoin was continuing to trade around the $32,500 mark, at $32,632 at BST 15.50 (UTC+1). The cryptocurrency was down 5.8% on the day and 3.46% lower than its highest value during the last seven days.

Ethereum, ether (ETH) remained the second most-traded cryptocurrency at $2,150.68 – a fall of 8.9% in 24 hours.

Tether reamined in limbo stubbornly staying around the $1 mark.

Binance Coin appears to have shrugged off last week’s UK ban of Binance Markets Ltd by the FCA. Although it was down 6.35% on the last 24 hours it was trading up 8.6% on the last seven days at $312.79.

Cardano was trading at $1.36, down 4.37% on the day.

Tiger King coin

Antony Portno, founder of Traders of Crypto, said the asset class remained volatile and yesterday's dip was evidence of that. He also urged investors to look beyond 'meme' or novelty coins such as Tiger King, launched in May.

He told The Independent:  “The crypto market is becoming convoluted by bandwagoning ‘meme’ coins that seem to lack the fundamentals of a serious project.

"Cryptocurrencies, in their purest form, are revolutionary and will do to money what the internet did to data, but these sorts of coins – like Tiger King – is what is making the industry look like a playground.

"It is reminiscent of the early 2000s internet hype when companies were adding '.com' to their branding, even without having a website, and seeing huge increase in their valuations.

“There are so many nonsense coins – if you are getting into crypto it is absolutely crucial that you do your due diligence and make sure you make well-informed decisions based on good information and data.

"Following the crowd isn’t always the best thing to do and there is value to be had, but I would say it is best to avoid joke coins like this.”

Further reading Bitcoin prices holding steady

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