Advertisement
AD

Main navigation

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

Advertisement
Tue, 8/11/2022 - 5:18
Bitcoin Suddenly Plunges Below $20,000. Here’s Why
Cover image via stock.adobe.com

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.

Read U.TODAY on
Google News

The price of Bitcoin suddenly has once again plunged below the psychologically important $20,000 level. 

Advertisement

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

BTC
Image by tradingview.com

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According to blockchain analytics platform PeckShield, $284 million worth of crypto has been withdrawn from the FTX exchange from a whale.

Related
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

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD