Bitcoin has lost the lion’s share of daily gain …

Bitcoin has lost the lion’s share of daily gain …

Bitcoin lost the lion’s share of daily gain, plummeting $ 2,000 in minutes

The most successful day on the bitcoin market since December 2017 culminated in a sharp collapse in the price of cryptocurrency.

Having started the day at about $ 11,000, the price of bitcoin within 24 hours rose to the level of $ 14,000, thus increasing by more than 25%. After reaching a local peak in a matter of minutes, the rate dropped by $ 2,000. At the time of publication, the market continues to experience extreme volatility and fluctuates between $ 200-300 every minute. At the same time, in the 24-hour period, growth is still about 7%.

Unlike Kraken CEO Jesse Powell, who expects to see a rise to $ 100,000 “and maybe a million” without visible barriers, analyst Tom Luongo paints a less rosy picture..

“Markets that experience a vertical upswing without interruption always experience a correction. Tough, he writes. – When this happens with Bitcoin, which now occupies a dominant position in terms of capitalization, I expect a strong rotation towards fiat and altcoins. “.

The head of the digital assets division of VanEck, the application for the launch of a Bitcoin ETF of which is in the US Securities and Exchange Commission (SEC), Gabor Gurbach on Wednesday evening drew attention to the vulnerability of the Bitcoin spot market due to the imbalance and low filling of the order books of cryptocurrency exchanges.

“It is required to sell about 3,100 BTC for the bitcoin price to fall by 10%. To rise by the same 10%, 6,500 BTC will be required, “he wrote..

Bitcoin has lost the lion's share of daily gain ...

Altcoins, including those that did not have time to experience the same growth as Bitcoin, instantly found themselves in the red zone. EOS, for example, lost more than 10%.

Segment capitalization fell from a local peak at $ 386 billion to $ 353 billion.

The volume of liquidations on the BitMEX exchange within an hour was $ 270 million, while its trading volumes continued to grow to new all-time highs and approached $ 16 billion against $ 11 billion this evening..

Bitcoin has lost the lion's share of daily gain ...
Bitcoin has lost the lion's share of daily gain ...

Similar articles