News Bitcoin price crashes 5% within hours, falls to $8,800

Bitcoin price crashes 5% within hours, falls to $8,800


- Advertisment -

The price of Bitcoin has suddenly headed south. It has dropped 5% in the last 24 hours, falling from $9,246 to its current value of $8,800.

Bitcoin’s price was stable until 2:00 AM UTC before crashing initially to the $9,000 mark where it stayed for three hours. But in the last two hours, its price dropped even further, at one point crashing by $100 in minutes. It is unclear if it has settled at this range or will keep falling.

This move appears to be the opposite reaction to when Bitcoin’s price pumped 20% on October 25, following a speech by China President Xi Jinping about the virtues of blockchain technology. When that happened, Bitcoin’s price jumped from $7,500 to nearly $10,000 per coin. It cooled off for a bit, falling to around the $9,000 mark and traded there for a few weeks before the support broke today.

As a result, nearly the entire cryptocurrency market is in the red, with heavy losses across the board. Bitcoin SV is now down 8%, with Binance Coin and Bitcoin Cash not far behind, each posting 5% drops. Defying the market, Maker—which governs the DAI stablecoin—is up 5%, somehow.



Please enter your comment!
Please enter your name here

Latest news

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...
- Advertisement -

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...

Seamless Crypto Exchange HolyTransaction Allows Gridcoin Staking

In today’s world, the time value of money is very important and everyone likes to earn a...

Must read

- Advertisement -

Read Next
Recommended to you