Bitcoin down 17% on the day to near $45,000
The equities selloff is abating somewhat but the rout in cryptocurrencies is still continuing, with altcoins also taking a plunge alongside Bitcoin today.
- Ethereum -22% ($1,394)
- Ripple -26% ($0.41)
As much as the speculative frenzy has been a stunning visual in the market since late last year, this serves as another reminder of the volatility associated with cryptocurrencies.
From its record high over the weekend, Bitcoin is down by roughly 20%. However, when you go back to the spike since Tesla’s announcement two weeks ago, price is still almost 20% higher since then even after accounting for the drop in the past two days.
That puts a bit more perspective on things when viewing price action in cryptocurrencies as the volatility swings can be brutal to deal with. As such, if one is to stay invested or is thinking about it, risk management needs to be the number one consideration.