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The Water Cooler
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Anyone riding the Doge train?
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<blockquote data-quote="Hodrod" data-source="post: 3579574" data-attributes="member: 47277"><p><a href="https://www.cnbc.com/quotes/BTC.BS=-USS" target="_blank">Bitcoin</a> plunged 30% to near $30,000 at one point on Wednesday, continuing a major sell-off in the cryptocurrency markets that began a week ago.</p><p></p><p>The digital currency hit as low as $30,001.51 as the selling intensified Wednesday before paring some of those losses. The cryptocurrency hasn’t traded at those levels since late January.</p><p></p><p></p><p>Bitcoin rebounded as the day went on, was down 12% to about $38,205.49 shortly after 3 p.m. ET. At its intraday low, the cryptocurrency’s loss for the past week was more than 40%.</p><p></p><p>The sharp drop means bitcoin had temporarily erased all its gains following <a href="https://www.cnbc.com/quotes/TSLA" target="_blank">Tesla’s</a> announcement that it would purchase $1.5 billion worth of the cryptocurrency. It was also down more than 50% since hitting a record high of $64,829 in mid-April.</p><p></p><p>Other cryptocurrencies also plunged on Wednesday. Ether, the digital currency that powers the Ethereum blockchain, was down more than 22% at $2,620.97, according to Coin Metrics. Dogecoin, <a href="https://www.cnbc.com/2021/05/07/what-is-dogecoin.html" target="_blank">a cryptocurrency that started as a joke</a> and has been <a href="https://www.cnbc.com/2021/05/14/dogecoin-rallies-on-elon-musk-tweet-anticipated-coinbase-listing.html" target="_blank">talked up by Tesla CEO Elon Musk</a>, fell 25% to less than 36 cents. Both had substantially larger losses earlier in the session.</p><p></p><p>Additionally, cryptocurrency exchange Coinbase was <a href="https://www.cnbc.com/2021/05/19/coinbase-is-down-for-some-users.html" target="_blank">temporarily down for some users</a> as the coins plunged on Monday morning.</p></blockquote><p></p>
[QUOTE="Hodrod, post: 3579574, member: 47277"] [URL='https://www.cnbc.com/quotes/BTC.BS=-USS']Bitcoin[/URL] plunged 30% to near $30,000 at one point on Wednesday, continuing a major sell-off in the cryptocurrency markets that began a week ago. The digital currency hit as low as $30,001.51 as the selling intensified Wednesday before paring some of those losses. The cryptocurrency hasn’t traded at those levels since late January. Bitcoin rebounded as the day went on, was down 12% to about $38,205.49 shortly after 3 p.m. ET. At its intraday low, the cryptocurrency’s loss for the past week was more than 40%. The sharp drop means bitcoin had temporarily erased all its gains following [URL='https://www.cnbc.com/quotes/TSLA']Tesla’s[/URL] announcement that it would purchase $1.5 billion worth of the cryptocurrency. It was also down more than 50% since hitting a record high of $64,829 in mid-April. Other cryptocurrencies also plunged on Wednesday. Ether, the digital currency that powers the Ethereum blockchain, was down more than 22% at $2,620.97, according to Coin Metrics. Dogecoin, [URL='https://www.cnbc.com/2021/05/07/what-is-dogecoin.html']a cryptocurrency that started as a joke[/URL] and has been [URL='https://www.cnbc.com/2021/05/14/dogecoin-rallies-on-elon-musk-tweet-anticipated-coinbase-listing.html']talked up by Tesla CEO Elon Musk[/URL], fell 25% to less than 36 cents. Both had substantially larger losses earlier in the session. Additionally, cryptocurrency exchange Coinbase was [URL='https://www.cnbc.com/2021/05/19/coinbase-is-down-for-some-users.html']temporarily down for some users[/URL] as the coins plunged on Monday morning. [/QUOTE]
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