Crypto Selloff, Coinbase Delisting And Dogecoin Halves Since Top
Last Updated on 23 April 2021 by CryptoTips.eu
Crypto traders woke up to a sea of red with Bitcoin trying desperately to stay above $50k, but dipped below this and is currently trading around $48,000.
Coinbase was informed the German stock market Xetra would be delisting them and Dogecoin has halved in value since its top of $0,44 cents reached only this Monday.
An overview.
Crypto market selloff
It was always clear that a selloff of crypto markets was in the works at some point or another. Certainly in the days before the Coinbase IPO on April 14th some altcoins has risen to quite spectacular values.
Some technical analysts even suggested an artificial pump had taken place in some smaller coins (VeChain and Dogecoin have both been accused already).
Given the sheer spike that we’ve seen in certain cryptocoins since the beginning of 2021, a market correction was due for an index that started to look overheated.
Every single time we move 10% lower I start getting messages (many messages) of people wondering if we are heading towards a 2018 style correction. I seriously doubt that. If can't hold a correction, maybe good idea to take some profits next time.
— Alex Krüger (@krugermacro) April 23, 2021
I have not bought this dip yet.
Bitcoin itself tried to hold onto the $50k level, a psychological barrier that’s important for those looking at prices.
Asian onlookers admitted that a correction was ongoing, with Ki Young Ju, CEO of South Korea-based blockchain analytics firm CryptoQuant stating:
In the short-term, we might have a correction and going sideways in a broad range since the market is over-heated among retail investors.
Coinbase delisting
The biggest US crypto exchange Coinbase was informed that due to an administrative error, the company Deutsche Boerse (which operates both the Xetra trading system and the Frankfurt stock exchange) delisted their shares (which carry the ticker COIN), because of incorrect data provided.
Deutsche Boerse is delisting #Coinbase shares from both the Xetra trading system and the Frankfurt #stock exchange due to an incorrect reference code. https://t.co/XZg5VtkbI8
— Decrypt (@decryptmedia) April 22, 2021
The company was also accused of having organized a so-called shares dump earlier this week.
Dogecoin halves in value
Lastly we’ve seen one of the biggest selloffs in the past few days happening to Dogecoin, the meme cryptocurrency that rose all the way to 44 cents earlier this week. At the end of the working week, Dogecoin has lost more than half its value and is now trying to hold on to the 20 cents level.
Of course, if you bought in at the beginning of the year when it traded for 5 cents, that’s still a hefty profit.
Crypto enthusiasts were curious to find out whether the current market rout would continue over the weekend.
escapejaja / Depositphotos.com
