Bitcoin's low volatility consolidation has ended with a violent drop beyond four-month lows near $7,500.
The premier cryptocurrency fell by $500 in just 15 minutes at 12:50 UTC to hit a low of $7,500 - the lowest level since June 10, according to Bitstamp data.
The global average price, as represented by CoinDesk's Bitcoin Price Index, also hit a low of $7,549.
With the price slide, BTC's market capitalization also tanked to $135 billion.
A big move was overdue as bitcoin's price volatility had dropped to a 6.5-month low of 2.58 percent earlier today, according to Coinmetrics.
A long squeeze occurs when a drop in prices forces long holders to unwind their positions.
That adds to the downward pressure, leading to a deeper price slide.
As of writing, BTC is changing hands at $7,600, representing a 7 percent drop on a 24-hour basis.
Names like binance coin and litecoin are reporting 8 percent drop and ether, XRP and bitcoin cash are shedding 6-7 percent, according to CoinMarketCap.
Staircase image via CoinDesk archives; charts by Trading View.
$7.5K: Bitcoin's Price Tanks to Four-Month Low
gepubliceerd op Oct 23, 2019
by Coindesk | gepubliceerd op Coinage
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