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Breaking: Bitcoin falls by 24% in an hour to drop below 6k

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Source: Pixabay

Bitcoin’s price has been erratic for the past couple of weeks. While many expected Bitcoin to post some gains after a disappointing few days, the king coin, unexpectedly, went on a freefall. In fact, the fall in question was so acute that the world’s largest cryptocurrency lost 24% of its value in an hour, falling under the crucial $6k mark.

Source: BTC/USD on TradingView

At press time, the price of Bitcoin was hovering just over the $6k mark on Bitstamp, but it had already breached the $6k mark across most crypto exchanges like Coinbase.

Source: BTC/USD on Trading View

Source: BTC/USD on Trading View

The drastic crash in the Bitcoin market triggered liquidations worth a whopping $487 million, taking the total liquidations for the day to $543 million. The sell liquidations were about $542 million, whereas only $14 million buy liquidations were reported by the data provider Skew markets.

Source: Skew

The sudden sell-off contributed to a huge price difference among exchanges, as highlighted in the chart attached below.

Source: Skew

The difference between the price of Bitstamp and Coinbase was 3.68% at 10:56 AM. However, this could be due to their different premium rates.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.