Bitcoin Price Suddenly Tanks 10 Percent in Minutes

News
Tue, 06/02/2020 - 15:13
Alex Dovbnya
An enormous sell-off sends the Bitcoin price back to the four-digit reality
Cover image via U.Today

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.    

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.

image by @ColePetersen14

 

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.

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