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Bitcoin Had Massive Dip on Bitstamp Before Hitting Highest Level Since Early May

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Mon, 10/11/2021 - 05:13
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Alex Dovbnya
Bitcoin went on to surge to a multi-month high of $56,800 after a flash-crash on Bitstamp
Bitcoin Had Massive Dip on Bitstamp Before Hitting Highest Level Since Early May
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Bitcoin, the largest cryptocurrency, dropped by 8% to $51,011 within a single one-minute candle at 10:35 p.m. UTC on the Luxemburg-based Bitstamp exchange.

In then quickly reclaimed the $55,000 level within seconds.

BTC
Image by tradingview.com

This bizarre trading activity, which was caused by a $40 million sell market order, took place only on Bitstamp. Other major exchanges remained unaffected by the violent price moves.

Volatility events are not exactly rare on cryptocurrency exchanges, and they can be far more extreme. In February, the price of Ethereum halved in price on

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Bitcoin was unfazed by the recent short-term drop on one of the biggest trading platforms. It then went on to surge to $56,800, its highest level since May 12.

The leading cryptocurrency is so far up 29% during the first month of the historically bullish fourth quarter.  

As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently predicted that another Bitcoin rally in late 2021.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.