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Bitcoin Price Suddenly Tanks 10 Percent in Minutes

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Tue, 2/06/2020 - 15:13
Bitcoin Price Suddenly Tanks 10 Percent in Minutes
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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.    

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image by tradingview.com

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

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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.

Bitcoin
image by @ColePetersen14
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