Why Crypto Prices Plummeted Today
After a few days of recovery, cryptocurrency markets have collapsed again on Wednesday, with many major cryptocurrencies falling double digits. More liquidations seem to be in store for big investors, and risks keep being uncovered in the ecosystem.
As of 9:00 a.m. ET, Bitcoin (CRYPTO: BTC) has fallen 4.6% in the last 24 hours, Ethereum (CRYPTO: ETH) is down 9.6%, and Solana (CRYPTO: SOL) is down 12.8%.
The biggest news of the day is a conflict between derivatives exchange CoinFlex and Roger Ver. CoinFlex claims Ver owes the company $47 million, and Ver has said in fact he is owed money from a counterparty, although he didn't specifically name CoinFlex as that party. The big problem is that Ver has a non-liquidation recourse account with CoinFlex, so the company is scrambling to fund the business. It may even offer a new token in order to have enough liquidity to fund other customers' withdrawals.
Source Fool.com
