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.
In such a way, the world's leading cryptocurrency has completely retraced its overnight rally to the $10,400 level.
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.
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.