Published
4 years ago on
October 24, 2019
Table of Contents
Well, it finally happened. Bitcoin crashed.
Not fully, but the leading cryptocurrency did take a big hit at the end of yesterday.
Big Hitters
It shouldn’t come as much of a surprise to many investors but Bitcoin’s crash yesterday saw the BTC price go from $7.8k to $7.4k in just minutes. In fact, if we look at CoinMarketCap it looks like we aren't out of the woods yet…
Several investors and traders have been awaiting such a decisive move to actually occur sooner than later, simply because of the fact, the flagship currency has been running amok this past month and fighting between the $7.8k to $8.3k range.
There are probably a few reasons for this crash so let’s take a look at what could have been the catalyst.
Technicalities
On September 24th, Bitcoin took a stumble from its high of $9.5k to below the $8k key resistance level and since then has dropped EIGHT times below the $7.8k range, this makes the most recent crash it’s ninth.
So now we’ve just witnessed Bitcoin lose its ninth life leaving many to wonder what’s going to happen next.
As reported by CoinTelegraph:
“Today’s price dump liquidated $200 million worth of leveraged longs at BitMEX. According to twitter analyst “taiwandan” the Bitcoin liquidation at BitMEX could have begun with a 3,600 BTC sale at Bitstamp. Taiwandan said that “every bid from $7,800 to $6,200 wiped out in less than 15 minutes.””
Zucks Trip to Congress
Now, we’re not going to go fully into this now because we want to do a separate article on this topic so we can go more in-depth, however, the CEO of Facebook, Mark Zuckerberg recently attended a hearing in Congress to testify the Libra project.
Why could this have an impact on Bitcoin?
Well, every time that the US government openly talks about bitcoin or cryptocurrency, the price drops, so maybe that’s what happened this time too?
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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