Several cryptocurrencies, including bitcoin, ethereum, and solana have dropped in value in the last 24 hours, while the meme coin shiba inu continues to surge ahead growing by nearly 75 per cent in the last day.

Bitcoin is currently priced at $59,000, slipping by more than 2 per cent compared to its value a day earlier.

Ethereum (eth), solana (sol), and cardano (ada) have also dropped in value between 4 to 9 per cent over the last 24 hours.

The chart looks all red with no signs of recovery yet as the global crypto market is down by about 4.5 per cent in the last day, currently valued at $2.46 trillion.

Shiba Inu coin has overtaken dogecoin, surpassing the original meme coin’s $31 billion market cap.

Shiba Inu now ranks as the ninth most valuable cryptocurrency in the world, according to CoinMarketCap’s price index.

While other leading cryptocurrencies continue to flounder, SHIB is now up more than 60 per cent over the last 24 hours, and 180 per cent over the last week. When zooming out on the market even further, Shiba Inu’s price rise is even more astonishing, increasing by more than 700,000 per cent since January.

The price of Shiba Inu has just hit a new all-time high, despite today’s crypto market crash.

The meme coin’s market cap is now $25 billion – just $6 billion away from dogecoin’s – making it the world’s 11th most valuable cryptocurrency.

Today’s gains build on a price rally that has seen it rise more than 700 per cent since the start of October, and 700,000 per cent since January.

You can read the full story about the latest crypto meme sensation right here.

Some Coinbase users are reporting issues with the trading app, though it still appears to be functioning, albeit sluggishly.

This is often the case when there are sudden market movements, with previous bitcoin crashes this year causing major crypto exchanges like Coinbase and Binance to temporarily become inaccessible to customers.

Website health monitor DownDetector is currently seeing a spike in reports of Coinbase being down, though it mostly just appears to be issues of speed rather than an actual outage. Some customers are complaining that they’re unable to buy Shiba Inu coin, which is bucking market trends right now with a record-breaking price surge.

In what would be a major development for the crypto space, regulators in the US are reportedly developing guidelines for banks to hold bitcoin and other cryptocurrencies.

The chair of the Federal Deposit Insurance Corporation (FDIC) told Reuters that it was important to bring this activity inside the banks, otherwise “it is going to develop outside the banks” and “the federal regulators won’t be able to regulate it”.

The move could launch a new wave of BTC and crypto adoption and make holding cryptocurrencies much more secure for the average user.

You can read the full story here.

Following bitcoin’s flash crash, which took most of the crypto market down with it, we’ve heard from some crypto experts to get their thoughts on what caused it, and what comes next.

Freddie Evans, a sales trader at the UK based digital asset broker GlobalBlock, says that there are “more buyers than sellers in this morning’s session so far”, confirming the “buy the dip” mentality that has been prevalent across social media this morning.

Here’s what he told The Independent:

Bitcoin investors, traders and analysts are reacting to the latest crash on social media, with a large portion defiantly describing it as a “flash sale”.

One writes: “Buy the dip, thank me later”.

Meanwhile, pseudonymous Dutch analyst PlanB, whose widely-vaunted bitcoin price prediction model puts the cryptocurrency on track for six figures this year, remains firmly undeterred by the dip.

Small and stoploss traders selling their holdings will ultimately be the big losers, he claims, while “big market players” will scoop up the discounted bitcoin and hold it to new highs.

Bitcoin’s flash crash looks severe when viewing hourly charts, but it’s nothing new for a cryptocurrency accustomed to massive price swings.

Two similar dips in terms of scale and timeframe were also seen last month, which were followed just a few weeks later by a new all-time high. Some analysts point to such downturns as a signal that the market has turned bearish, while bullish analysts typically describe them simply as price corrections that allow BTC to consolidate gains in preparation for another leg up.

Here’s how the latest flash crash looks when zooming out on bitcoin’s price movements over the last 12 months.

Bitcoin is still falling, crashing below $59,000 and taking its total losses to more than $5,000.

It’s had a massive impact on the overall market, with several leading cryptocurrencies now down by more than 15 per cent – you can read more here.

The price of bitcoin has dropped below $60,000 following two minor flash crashes on Wednesday morning.

It is now down by roughly $4,000 since this time yesterday, with blockchain data suggesting that the price dip is a result of long-term BTC holders taking some profit’s after the recent all-time high.

Bitcoin briefly dipped below $60,000 last week but immediately rebounded, so the next few hours will prove key in determining whether or not it has found solid resistance at this level.