Bitcoin’s Price Drops by $800 in Less Than 5 Minutes

Bitcoin’s price fell more than $800 in under five minutes on Tuesday, pushing the broader cryptocurrency market into the red.

The sell-off began at 14:45 UTC (10:45 a.m. ET) when the cryptocurrency was trading at highs above $10,137 and by 14:49 UTC, the price fell to $9,298. At press time, bitcoin is changing hands near $9,500, representing a 6.5% drop on the day, according to CoinDesk’s Bitcoin Price Index. On BitMEX, prices were as low as $8,600.

The sudden price drop may have trapped many traders on the wrong side of the market. Moreover, the market was looking strong following Monday’s convincing move above $10,000, and a few analysts were expecting bitcoin to continue rising toward $11,000.

However, buyers once again failed to keep prices above the $10,000 mark. The cryptocurrency has struggled multiple times over the past 12 months or so to establish a strong base above $10,000. The retreat, however, is unlikely to deter investors, who believe in bitcoin’s long-term…