Technology
Bitcoin price CRASHES wiping hundreds of billions from global cryptocurrency markets
BITCOIN’S value crashed on Wednesday, sending crypto traders into panic.
The cryptocurrency dropped by thousands of dollars in just a few minutes early on Wednesday morning in what’s known as a flash crash.
Bitcoin’s value crashed on Wednesday morning
It’s now trading at around $59,000, down more than $5,000 from the levels it was trading earlier this week.
The drop has wiped hundreds of billions from global cryptocurrency markets.
It’s led to a drop in the prices of a number of other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana and Ripple.
It comes a week after Bitcoin hit a new all-time high of close to $67,000.
Today’s crash is partly driven by long-term holders selling at a high to take home profits, according to blockchain data. That’s typical following a price spike.
However, the slump is expected to trigger a wave of new buyers tempted by the sudden dip in price.
More to follow…
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