Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 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

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×