Bitcoin flash crash shakes the market
In a surprising turn of events, today the price of Bitcoin plummeted from $106,000 to $100,000 in a matter of minutes. The flash crash shocked the market and wiped out billions of dollars in market capitalization.
Volume Surge: This crash was accompanied by a significant spike in trading volume, indicating a significant liquidation event. Investor reaction: Traders are scrambling to find out why, with speculation ranging from whale sales to technical issues at major exchanges.
Despite the decline, Bitcoin has already started showing signs of recovery, hovering around $101,500 at the time of writing.
BTC/USD 30 minutes chart – TradingView
Donald Trump tokens take a hit
Adding to the market drama, Donald Trump meme coin ($TRUMP) experienced its own flash crash. According to reports, major wallets released large amounts of tokens, causing panic among holders.
what happened? The wallets in question did not acquire these tokens through purchase, raising concerns about potential exploitation or insider activity. Market Reaction: TRUMP’s price plummeted from $72 to $44, a massive 36% drop, leaving investors in suspense.
The incident raises questions about the stability of the high-profile meme coin, as the cryptocurrency community speculates about its cause.
Melania Coyne crashes Jupiter Exchange
Meanwhile, Melania Trump launched her own meme coin, MELANIA, which became a hot topic of discussion and soared to more than $8 immediately after its debut. However, the launch was not without its problems.
Jupiter Exchange Down: Decentralized exchange Jupiter, the leading platform for exchanging Solana tokens like MELANIA, faced an outage as users flooded the site to trade. Growing interest: Over 22,000 wallets currently hold MELANIA tokens, with a fully diluted market capitalization of over $8 billion. Learn more about Melania’s coins and how to buy them.
Phantom Wallet faces overload amid Melania coin frenzy
Phantom Wallet, a leading Solana-based cryptocurrency wallet, is engaging in unprecedented activity following the launch of Melania Trump’s meme coin. According to the report, Phantom is processing over 8 million requests per minute, leading to wallet loading errors and aborted transactions.
Impact on users: As the surge in activity puts a strain on the platform’s infrastructure, many users are reporting on social media difficulties accessing their wallets and completing transactions. Phantom’s response: The company acknowledged the issue and said it was actively working to stabilize the platform. and restore normal functionality.
Source: https://cryptoticker.io/en/crypto-chaos-bitcoin-flash-crash-trump-eth-melania-meme/
