February 28, 2024

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Bitcoin Crash Causes Chaos Among Traders: Cryptocurrency Overview

Bitcoin Crash Causes Chaos Among Traders: Cryptocurrency Overview

This week started with a bang. The price of Bitcoin saw a significant drop in just minutes. The damage was significant for many traders. In this weekly overview, you can read the most important cryptocurrency news of the week.

Cryptocurrency exchange suffers $258 million in outflows after confidence declines

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    Altcoin news

The rapid collapse of Bitcoin causes losses in the millions

On December 11, there was a major collapse in the price of Bitcoin. This led to hundreds of millions being liquidated among futures traders. Between 2 a.m. and 4 a.m., Bitcoin’s value fell by approximately 8%, with most of the decline occurring in just 20 minutes.

This decline led to the liquidation of $318 million in long positions. Many traders expected another increase. But as the price started to decline, many long-term traders were forced to close their positions. This triggered an automatic sale, causing the price to fall faster.

Interestingly, despite the overall red market at the beginning of the week, some cryptocurrencies such as Solana (SOL) and Cardano (ADA) have already shown significant growth.

BitTorrent encryption increased by 100%

It was also reported this week that the value of BitTorrent’s BTT token has doubled in a relatively short time. This increase coincided with a major achievement for the TRON platform, which was acquired by BitTorrent in 2018 after a legal battle. TRON, which issues the BTT token on its blockchain, has reached the impressive milestone of 200 million users.

The rise in the value of the BTT token, which is on its way to a market capitalization of $1 billion, was fueled by a message from Justin Sun, founder of TRON. In his post on X (formerly Twitter), he celebrated reaching the milestone and highlighted the growth of the ecosystem.

BTT is now standardized. This week, the value of cryptocurrencies fell by 12% after a massive rise.

🎁 This week: Trade your first €10,000 of cryptocurrencies absolutely free


Bitcoin takes another hit: popular cryptocurrency wallets are at risk

On December 14, the price of Bitcoin was negatively affected again, this time due to a major vulnerability related to hardware wallet giant Ledger. This exploit affected the Ledger Connect Kit, a software library used by many decentralized applications (dApps) to create secure connections to Ledger hardware wallets.

Several popular decentralized apps, including Zapper, SushiSwap, Balancer, and Revoc.Cash, were affected by this exploit. Ledger identified and removed a malicious version of Ledger Connect Kit around 2:30pm and quickly released a “clean” version.

This security breach, described as a “supply chain attack,” resulted in the loss of approximately $150,000 worth of cryptocurrencies within a few hours. In response to this situation, Ledger advised users not to interact with decentralized applications.

All issues in Ledger have now been resolved, as can be read from a recent message on X.

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