Bitcoin Slips Below $7500 As The Overall Cryptocurrency Market Loses More Than $20 Billion
After weeks of massive rally, Bitcoin price finally plummets below $7500 today in major crypto market sell-off. At the press time, Bitcoin (BTC) is trading 8% down at $7263 with a market cap of $128.4 billion.
In today’s massive sell-off, Bitcoin has lost nearly $700 in just a matter of few hours. This price crash is reportedly triggered with a single Bitcoin whale selling $35 million worth of Bitcoin in a single order on the Bitstamp crypto exchange.
Responding to this, Bitstamp tweeted: “A large sell order was executed on our BTC/USD pair today, strongly impacting the order book. Our system behaved as designed, processing and fulfilling the client’s order as it was received”.
It further added: “We closely examine every event that causes large-scale movement in our order book and have started an immediate case investigation”.
Moreover, additional reports suggest that crypto exchange BitMex which offers short-selling and leverage. Thus some algorithms must have triggered resulting in massive sell orders thereby creating a further downward spiral.
But it’s not just Bitcoin facing the price crash. In fact the entire cryptocurrency market has lost over $20 billion in the last 24 hours contributed by a major sell-off in the altcoin space.
Almost all of the top-ten cryptocurrencies have lost nearly 10% in today’s crypto market sell-off. After a week of quick upswing, Ethereum (ETH) has lost over 10% at the press time and is currently trading at $237 with a market cap of $25.22 billion.
It is clear that the crypto market is volatile enough for sharp surge as well as deep corrections. With situations like these massive sell-off at Bitstamp, analysts says that regulators won’t be agreeing anytime soon to approve Bitcoin ETF like products in the market.
Analysts note that until the institutional investors step-in, such steep rise and sell would continue in the crypto market.