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BREAKING: Bitcoin Suddenly Plunges 7% in One Minute

Thu, 10/28/2021 - 18:47
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Alex Dovbnya
Bitcoin has flash crashed by more than 7%, trimming over $4,000 in just one minute
BREAKING: Bitcoin Suddenly Plunges 7% in One Minute
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Bitcoin, the largest cryptocurrency, suddenly crashed to the $56,000 level, shedding more than 7% within one minute on major spot exchanges.

It hit an intraday low of $56,425 on the Bitstamp exchange at 6:49 p.m. on the Bitstamp exchange.     

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The cryptocurrency has now pared a large portion of the recent losses.

After hitting an all-time high of $67,276 on Oct. 20, Bitcoin started displaying some weakness. The top coin recovered to $61,848 earlier today, but bulls were then caught off guard by the most recent flash crash.

More than $50 million worth of Bitcoin longs has been liquidated over the past hour, according to Bybt data

On Oct. 21, the crypto king plummeted to the $8,200 level on the Binance.US exchange due to a bug in a client's trading algorithm.   

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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