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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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.
Caroline Amosun
Tomiwabold Olajide
Godfrey Benjamin