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Bitcoin Price Suddenly Tanks 10 Percent in Minutes

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Tue, 2/06/2020 - 15:13
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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. 

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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.

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image by @ColePetersen14

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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