The plunge is coming just days after the Bitcoin uh rally setting a record high The coinbase appear also started trading Yeah as one observer said the crypto World waking up with a bit of a Sore head the same mania if we dive into The bloomberg that drove Bitcoin the world's largest Cryptocurrency to a record last week Appears to have turned back on the coin It tumbled over the weekend as you can See by the dramatic drop down as much as 15 percent now it paired its earlier Loss in the past few hours Ether the second biggest digital coin Also dropped as much as 18 To below 2000 and a lot of the other Digital coins also saw a pretty Tremendous drop Now all of this after the ipo of Coinbase helped the value of all of These coins Surged past the combined value of 2.25 Trillion that's part of the frenzy of Demand we've seen For all things crypto uh the largest u.s Crypto exchange Coinbase end of the week valued at 68 Billion and that is actually more than The value of the new york stock exchange So what happened well michael novogratz He's the ceo and founder of galaxy Digital and he's known Uh for being one of the early adopters
And supporters of bitcoin explains With hindsight he says it was perhaps Inevitable markets got too excited Around the coin ipo The direct listing uh base is blowing Out Coins like doge and all other all coins He said are pumping And all were signs that the market got To quote one way Now there was also speculation on Several online reports That the treasury department was perhaps Preparing to crack down On money laundering that may or may not Be carried out in some of these digital Coins bloomberg reached out to the Treasury department there was no Comment uh a email to one of the Divisions Uh reminds us that the treasury Department does not comment on potential Investigations Including on whether or not they Actually exist Sherry so sue the so-called altcoins Were the exception to the sell-off right What's the story there Yeah this is really uh just Mind-boggling to many who are watching The rise of dogecoin Which started out as you may recall as a Bit of a joke There's no really fundamental basis for
It but it's now been boosted by the Likes of Elon musk and mark cuban and rallied More than 110 Friday before dropping uh by a quarter On saturday that's according to Coinmarketcap.com which Which actually tracks the value uh we Did see Finance coin as well surge in fact the Demand For these altcoins was so great on Friday it actually Crashed the crypto order trading system At robins with markets and that is According to a blog post By robin hood itself uh some 68 billion Worth of dogecoin changed hands In the 24 hours prior to the crash uh The value of dogecoin again While some would say it is not really Tied to anything it is up from 13 000 from a year ago uh back when the Coin was trading for just fractions of a Penny Um some observers say all of this is Very reminiscent of the dot-com Days and they asked whether dogecoin is The pet.com Of the uh of the cryptoware i don't know If you could recall but Pep.com was the quintessential uh Worthless uh internet to offering that That crashed pretty spectacularly
Uh lastly michael novogratz who again is Considered to be sort of a very early Adopter of the bitcoin or digital coin Space He does not believe dogecoin has a value And does not Put it in the same category of bitcoin Ether and all the other more established If you can say that Digital coins
