The rally of Bitcoin (BTC) and altcoins this week abruptly ended, as the leading coin crashed by hundreds of dollars within hours. BTC slid from the $8,000 tier, going down to $7,370.64 as of 5:20 UTC on Friday, on record selling volumes above $30 billion’s equivalent. Most altcoins that previously rallied lost more than 10% of their price in a day.
The past trading days were a mix of positive news and shakedowns, with some believing BTC was set to rally without obstructions, while others envisioned a correction. The Binance maintenance failed to bring down the prices, but the sudden closing of Cryptopia, without releasing traders’ funds, showed that the market was still risky.
Vinny Lingham, founder of Civic, commented on the correction as inevitable, but ess...