Bitcoin price dropped down by 9% on Tuesday (9/24), rapidly. It is the third biggest daily loss of the year and the most rapid, by far. With the drop happened so rapidly in a very short time.
Moreover, the 9% difference meant almost $1,000 difference for the currency. The rapid fell has shocked many investors. Even more as the fell only happened during the course of 30 minutes. The price stared to fell from 16.00 UTC at 24th of September.
In the heat of the moment, investors did the most logical move to save their money; selling off their BTC. As the result, $30 billion has been drawn out rapidly.
The situation has not getting better just yet. BTC started the day in $9,812 but now, by the time this article is released, the price hovers at $8,330.00. It has lost more than $1,500 now. And it keeps on dipping down even as I’m writing this article.
Wang Chao, head of Messari, a New York-based cryptocurrency analysis firm, said it is very rare for Bitcoin prices to move like this. Even in the rapid movement of cryptocurrency.
At this state, experts predicted that Bitcoin price might fall even further to $7,500. If that so, then it will be the first time for the cryptocurrency to be below $8,000 since last June 12th. Which was the lowest point for BTC this year, due to the hype of the then upcoming Libra.
It might soon actually hit the 200-day moving average (MA) at $8,311. It will officially mark the new bear market of the currency.
Coindesk reported that Bitmex might be the source of this craze. An anonymous trader reported to the news platform that margin calls and contract liquidations on Bitmex caused BTC price down.
Bitmex itself is another cryptocurrency exchange that provides customers with 100x leverage.
