Bitcoin crashed $500 in minutes on Oct. 23 after a sudden jolt sent markets tumbling to fresh lows.
Bitcoin firmly ditches $8K rangeData from Coin360 captured the moment panic hit for traders on Wednesday, BTC/USD going from $7,950 to $7,450 in just five minutes.
The reasons for the dip are yet to become clear, but the volatility upends the most recent period of flat performance for Bitcoin.
As Cointelegraph reported, on Tuesday, BTC/USD saw rejection at $8,300 after attempting to push higher, temporarily returning to the $7Ks before a rebound.
Those gains have now firmly disappeared, Bitcoin marking a floor not seen since mid-May.The level at which BTC/USD bounced firmly tied in with predicted support at the 200-day moving average.
Cointelegraph contributor Michaël van der Poppe had previously estimated the $7,400 level would catch further downside.
Altcoins follow with 8% lossesBitcoin's slide meanwhile sparked mayhem across major cryptocurrencies.
A glance at the top twenty altcoins by market cap saw many losing between 6% and 8%.The total cryptocurrency market cap also shed considerable value, dropping from $218 billion to $208 billion.
Bitcoin Price Suddenly Plummets to $7,500
gepubliceerd op Oct 23, 2019
by Cointele | gepubliceerd op Coinage
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