Bitcoin’s price dropped to $ 9,270 before recovering a bit
A sudden increase in sales orders has reduced the price of Bitcoin (BTC) to less than $ 10,000. The price of BTC fell to $ 9,700 before going even further, to $ 9,270 (figures taken from Binance’s charts). At the time of this writing, the price is recovering slightly, trading at $ 9,500, but the price action is unlikely to be over.
Other cryptocurrencies are also falling, with Ethereum (ETH) going for $ 230 and XRP for $ 0.20. OMG also lost 5% in the fall of the market, returning some of its gains from its integration with Tether (USDT).
Bitcoin just surpassed the $ 10,000 mark last night. It reached highs of almost $ 10,400 before dropping to $ 10,100, where it stayed most of the day.
Bitcoin doing bitcoin things again
– Joseph Young (@iamjosephyoung) June 2, 2020
“Bitcoin is doing Bitcoin things again,” tweeted analyst Joseph Young, noting the price drop.
“Welp. It seems that BTC has not corrected this ”, added podcast host Udi Wertheimer.
When the price of BTC reached $ 10,000, it liquidated many traders who were selling the cryptocurrency (betting that the price would decrease). According to Datamish, $ 135 million was settled at BitMEX in the past 24 hours, probably during the peak.
However, with the price drop, many traders who were buying were also liquidated for $ 100 million. The price dropped further at BitMEX – down to $ 8,600 – making things worse.
ONE WAY TICKET TO REKT CITY !!
ALL SHORTS REKT
ALL LONGS REKT pic.twitter.com/Cb1kLIN2gq
– Ivan on Tech (@IvanOnTech) June 2, 2020
Some traders jokingly blamed those saying that we would never see BTC below $ 10,000 again. A few hours earlier, the crypto personality Hodlonaut (who invented Bitcoin Lightning Torch) tweeted: “I don’t usually make predictions. But this is too obvious not to care. We will never see Bitcoin below $ 10,000 again. ” He may regret that tweet.
Text adapted from: Decrypt