Arab Press

بالشعب و للشعب
Monday, Jun 30, 2025

Bitcoin records biggest one-day drop for almost two months

Bitcoin records biggest one-day drop for almost two months

Fall comes amid warnings over speculation by novice investors in cryptocurrencies such as dogecoin

Bitcoin has posted its biggest one-day drop in almost two months, amid warnings that novice investors could suffer heavy losses from speculating in crypto assets such as “meme coin” dogecoin.

Bitcoin tumbled more than 11% on Sunday, dropping from about $62,000 (£45,000) to $55,000 – its lowest level since the end of March. Last week, the cryptocurrency had hit fresh record highs at nearly $65,000.

Various reasons for the drop were cited, which followed a strong rally last week. Bitcoin had already weakened on Friday, after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for purchases, citing the risks of possible “irreparable” losses.

Data website CoinMarketCap also reported the blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

There were also unsubstantiated reports that the US Treasury could be planning a crackdown on money laundering carried out through digital assets, pointed out Bloomberg.

Despite the decline, bitcoin was still up over 90% for the year, and almost five times higher than last October.


Bitcoin’s drop came as dogecoin – originally created as a joke – also fell back from its latest peak, after a remarkable surge this year.

Dogecoin has gained more than 6,000% since the start of 2021, from $0.0046 to about $0.30 on Sunday, having briefly hit $0.43 on Friday.

Dogecoin was inspired by the popular Doge meme, of a Shiba Inu looking sideways at the camera with raised eyebrows. Interest in the coin has been bolstered by influencial figures such as the Tesla founder, Elon Musk, who has tweeted several dogecoin memes.



Fans of dogecoin have been pushing for its price to reach $1. Dogecoin’s rise is particularly notable as it was created to satirise the growth of altcoins by making the doge internet meme into a cryptocurrency.

There is no cap to its supply, unlike bitcoin, which has a hardwired limit of about 21m coins.

Nigel Green, the chief executive and founder of the deVere Group financial consultancy, compared dogecoin’s rally to the GameStop mania that gripped markets in January, when retail investors organised on Reddit launched a short squeeze on hedge funds.

“In the same way that the GameStop frenzy was pitched as a battle-play of ‘Wall Street versus the little guy’, dogecoin is being pitched as a battle-play against the well-established crypto giants like bitcoin,” said Green.

“We can expect many novice retail investors – who may not have the financial resilience needed – to get burned in the dogecoin frenzy, in the same way they did with the GameStop one,” Green added.

Demand for dogecoin briefly overwhelmed the crypto trading system at Robinhood, an online trading app, last Friday.

Compound Capital Advisors’ Charlie Bilello pointed out that, following Sunday’s falls, there were still almost 100 crypto assets with a combined value of more than $1bn. Bitcoin hit a “market capitalisation” of $1tn last week.



Green added that traders should resist the “hysteria” driven by social media and look at the fundamentals of the different cryptocurrencies.

“It’s very hard to compare dogecoin with the likes of bitcoin, which runs on groundbreaking tech and has a limited supply giving it scarcity value, amongst other valuable attributes; and ethereum, which is solving real-world issues and providing in-demand business solutions. For these reasons, amongst others, they are attracting huge institutional investment,” Green said.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
×