Bitcoin and cryptocurrency markets are well known to be highly volatile but a sudden 70% plunge in under one hour is extreme even for the scandal and scam-ridden crypto market. Matic, a digital token used on the blockchain scalability-focused Matic Network, suddenly crashed around 70% last night, before a slight recovery. Traders and investors have been scrambling to find out the reason behind the sudden price collapse, ... [+] with concerns it could spread to bitcoin and other major tokens. Meanwhile, the cofounder and chief operations officer of the Matic Network, Sandeep Nailwal, said he is investigating the cause. The matic price began a huge bull run towards the end of November, breaking away from the wider ... [+] bitcoin and cryptocurrency market.
Source: Forbes December 10, 2019 06:19 UTC