Cryptocurrencies across the board were still licking their wounds this evening after a brutal weekend that battered any clear signs of a storming bull market into submission.
Bitcoin – despite soaring on Friday – dramatically tumbled by $500 after the hard work of a steady build-up across the psychological $10,000 line was undone in a matter of hours.
The world’s most dominant cryptocurrency had been basking in Valentine’s Day affection with a surge from $10k to within kissing distance of $10,400 – a robust-looking move which provoked plenty of excitement among investors heading into the weekend.
Others followed suit, with altcoins (alternatives to the market-leading bitcoin) finding a renewed energy. Fans of Bitcoin Cash, Ethereum and XRP were given cause for cheer as they looked to build towards new highs for the year.
Ethereum (ETH) set out from base camp on Friday at around $260, ascending to oxygen-draining heights of almost $290 by midnight.
Bullish sentiment was coursing through the veins of almost every cryptocurrency as enthusiasts the world over began polishing the champagne flutes in readiness for a huge break to the upside.
Alas, the glasses were going straight back into the cupboard before Saturday night had barely a chance to get going.
It began with one or two minor tremors earlier in the day, indicating the geological state beneath the crypto world’s feet was not entirely comfortable. Bitcoin’s siege of $10,400 retreated and spread out across $10,200. Ethereum, XRP, Bitcoin Cash, Tron, Litecoin etc all copied their master’s footsteps.
Optimistic analysts suggested the slight rubbing of tectonic plates were merely digital assets coiling up beneath the crust in readiness for an eruption that would catapult the crypto world into its next phase of bullish action.
The plates were moving alright. In fact, they parted enough to swallow up huge chunks of assets and trades, leaving crypto foll...