Cryptocurrency Prices Crash to Abysmal Levels, Sending Traders Into a Frenzy: ‘Crazy Adrenaline Rush’

Rudy TakalaMay 19th, 2021, 11:08 am
 
Bitcoin Dan Kitwood/Getty Images

Dan Kitwood/Getty Images

Cryptocurrency exchanges including Coinbase went down on Wednesday in amid a crash among digital currencies, which saw prices plummet by as much as 20 to 50 percent.

The destructive event saw the price of bitcoin crash by approximately 25 percent as of 9 a.m. Eastern, according to data provider Messari, from around $43,000 to roughly $33,000, and down from an all-time high of roughly $65,000. Other currencies fared even worse, including Ethereum, which declined from $3,400 to $2,200, or -35 percent. Cardano fell from more than $2 to to just more than $1 (-40 percent), while Cosmos fell from $23 to $12 (-45 percent).

The drop cleaved more than 20 percent, or about $500 billion, from cryptocurrency markets globally. The shift inspired consumers to flock to cryptocurrency exchanges, causing Coinbase and others to crash. Automated market makers including as Uniswap — which allow customers to trade by paying network “gas” fees — saw users paying as much as $600 to engage in a single transaction.

Users shared their thoughts about the situation on social media.

The  market saw an uptick as of mid-morning, with prices seeing a quick recovery of around 10 percent as exchanges began to reopen. However, the drop in cryptocurrency prices portended a sell-off in U.S. markets more broadly. The Dow Jones Industrial Average fell more than 500 points minutes after the opening bell, while the Nasdaq and S&P 500 each dropped more than 1 percent.

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