Bitcoin plunges below $10K losing more than $500 in a day
The world’s major cryptocurrency is down 5.5 per cent as crypto markets are in the red
0'>Bitcoin plunged below the $10,000 (£7,747/€9,259) mark, losing more than $500 in 24 hours. Other main altcoins are also in the red.
The price of Bitcoin fell below the psychological mark late evening on February 19. On some crypto exchanges, the cryptocurrency stopped at $9,280. However, it later climbed back to around $9,500.
At the time of publication, Bitcoin was down 5.5 per cent to $9,585.
Other altcoins also saw visible losses of 5 per cent and more. 0'>ETH is now down 7.6 per cent to $258, while XRP and 0'>BCH lost 7 and 8.5 per cent, respectively. According to the crypto statistics website Coinmarketcap, more than 85 of the top 100 coins suffered losses on February 20.
The unexpected sell-off took many traders by surprise. “I’m a long holder and even I’m shook,” wrote Brad Mills, who is a BTC investor and a podcast host.
The number of Bitcoin long and short positions has visible contracted following the plunge. The overall number of longs fell from 45,190 to 42,965 in just an hour. The total amount of contracts liquidated was worth $100m.
As for the shorts, the number shrank from 12,675 to 11,860.
The drop comes following a bullish run when Bitcoin rose about 45 per cent year-to-date. Rakesh Upadhyay, an analyst at Currency.com, wrote that the BTC to USD pair should find support between $9,000 to $9,500 in order to grow above $10,000 again.
However, if the price dips below $9,000, the decline can extend to the $8,000 to $7,853.95 support zone.
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