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Bitcoin Suddenly Plunges Below $20,000. Here’s Why

Tue, 11/08/2022 - 05:18
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Alex Dovbnya
The price of Bitcoin is now down more than 5% over the last 24 hours
Bitcoin Suddenly Plunges Below $20,000. Here’s Why
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The price of Bitcoin suddenly has once again plunged below the psychologically important $20,000 level. 

The world’s largest cryptocurrency reached an intraday low of $19,559 at 4:20 UTC on the Bitstamp exchange.

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According to cryptocurrency data platform Coinglass, $112.83 million worth of crypto has been liquidated over the past hour alone. Long positions account for a whopping 94.94% of the wiped-out positions. 

The recent drop is likely the result of cryptocurrency contagion triggered by the uncertainty of crypto giant FTX in light of its recent spat with Binance. 

The FTT suddenly plunged 14% in a single hour. The exchange token is now down a staggering 25.64% over the past day.

According to blockchain analytics platform PeckShield, $284 million worth of crypto has been withdrawn from the FTX exchange from a whale.

U.S. Government Seizes $3.4 Billion Worth of Bitcoin from Silk Road Scammer

As reported by U.Today, Binance CEO Changpeng Zhao shocked the market by announcing that the company had decided to sell all of its FTT tokens. This came amid rumors that Alameda Research, a firm closely tied to FTX, had financial troubles. 

However, Bankman-Fried said that the firm’s assets were “fine,” in an attempt to put false rumors to bed. 

At the same time, Binance CEO Changpeng Zhao clarified that he wasn’t trying to fight FTX

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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