The Bitcoin price has just plunged by more than $1,000 to its intraday low of $9,135 on the Bitstamp exchange. The monumental collapse started at 14:46 UTC and took only a few minutes.
The buyers quickly stepped in to push the price to its current level of $9.595.
Advertisement
Advertisement
In such a way, the world's leading cryptocurrency has completely retraced its overnight rally to the $10,400 level.
Tue, 06/02/2020 - 06:04
Mike Novogratz Reveals What Will 'Turbo Boost' Bitcoin Price After Hitting $10,000
Bitcoin (BTC) Price Prediction 2026
Canadian Billionaire Predicts Bitcoin Could Trade 'a Lot Lower' If This Happens
Morning Crypto Report: XRP Kicks Off 2026 With 2,198% Liquidation Imbalance, Tether (USDT) Stuns With $780 Million Bitcoin Purchase, Meme Coin on Binance Loses 88% After Hacker Attack
Ripple Kicks Off 2026 With 1 Billion XRP Unlock
The brutal sell-off has put a spanner in the works for the bulls who wanted the price to finally consolidate in the five-digit territory.
Advertisement
Due to this back-and-forth price action, more than $220 mln worth of shorts and longs have been liquidated on the BitMEX cryptocurrency exchange over the last 24 hours, according to data provided by Skew.
Dan Burgin
Alex Dovbnya
Tomiwabold Olajide
Denys Serhiichuk