RATE Group | Why Did the Bitcoin (BTC) Price Tumble Below $7,000 Today?
72918
post-template-default,single,single-post,postid-72918,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Why Did the Bitcoin (BTC) Price Tumble Below $7,000 Today?

22 Dec Why Did the Bitcoin (BTC) Price Tumble Below $7,000 Today?

Posted at 07:51h in Cryptocurrency News by

[ad_1]

Bitcoin Collapses Again, Falling Below $7,000

On Monday, the Bitcoin (BTC) price started to falter yet again. After trading above $7,000 for days on end — consolidation that forced BTC volatility levels to hit multi-month (and some reports even say multi-year lows) — the cryptocurrency slipped on Monday morning (in America), falling from $7,100 to $6,800 in three five-minute candles, catching many traders with their proverbial pants down.

Why Did the Bitcoin (BTC) Price Tumble Below $7,000 Today? 1

This strong spike lower resulted in $40 million worth of long position liquidations on BitMEX, implying that traders were expecting the cryptocurrency to go higher prior to the move.

This begs the question: What caused this recent price drop?

Right now, it isn’t clear exactly what took place to plunge the cryptocurrency by $300 in literal minutes, though there are a few leading theories that make a lot of sense when put into the context of recent developments in the industry.

One such theory…

[ad_2]

Source link

Tags:
, , , , ,