Flash Crash of Bitcoin’s Price: will $7,500 USD be hit?
Tuesday, 24th might become a “Black Tuesday” due to Bitcoin flash crash. In less than a day the price drops to $8,150 so the flash crash is considered to be around $1,500. The question is will the price continue retracing or there’s hope for stabilization.
Meet, not Greet: Flash Crash
In just a few minutes the price flash crashed, having dropped down to $800, resulting in double-digit losses. The total decrease was around 11.4%. Although Bitcoin investors were expecting something as painful as that this Tuesday, Coin360 says. BTC/USD hovering close to $8,100 was a sign, impossible to ignore or consider a minor one. At the beginning of September the move started and resulted in Bitcoin’s flash drop below $9,800. Hitting the point of $8,100 was expected to be a result of a slow grind downwards, not the blood bath it turned out to become.
It should be pointed out that according to the recent Crypto Michaël’s prognosis the next price zone of Bitcoin to be watched (or, basically, had been to be watched) is below, not above the $9,800 level. However, it was pointed out, that when the level of $9,800 would be broken, the investors could expect the price drop to mentioned $7,500. So was this bitcoin flash crash predicted?
As of press time Bitcoin seems to stabilize around the price mark of $8,150.
At press time the cryptocurrency market cap in total is considered to reach the amount of $222 billion. In less than an hour the market had lost a crazy amount of 20 billion. Still the Bitcoin’s share is 69.2%.
Some analytics, however, consider this move to be a coordinated market manipulation prior to surge of institutional investments.