Bitcoin Crashes Under $9,000 – Sell-Off Potential Reason And New Warning

The other day, Bitcoin crashed and took everyone by surprise. Important analysts were expecting to see the king coin trying to retest $10k, and instead, something else happened.

At the moment of writing this article, Bitcoin is trading in the red and the most important coin out there is priced at $9,070.08.

Bitcoin investors have braced for a rough ride after BTC’s price crashed by about 10% the other day. BTC’s price moved below $9,000, and it took everyone by surprise.

Bitcoin crashed between 5% and 10% – a potential reason

As Forbes noted, Bitcoin fell below $8,928 on Bitstamp crypto exchange before rebounding slightly.

The wider Bitcoin and crypto market recorded similar declines with most of the major digital assets losing between 5% and 10% – this wiped out by more than $10 billion from the total crypto market value.

The important online publication was writing the other day that the exact cause for the sell-off was not clear immediately – anyway, the crypto market did seem freak out by old BTC tokens that are with about $500k that moved for the first time in years.

“While it is unclear if it was [bitcoin’s mysterious creator] Satoshi Nakamoto, it is likely to be a very early-stage adopter of the crypto-asset, and the timing of the rumours themselves appear to be the source of yesterday’s flash crash,” eToro market analyst Adam Vettese said in a note to this clients.

New Bitcoin warning

Forbes also brought up Mati Greenspan, who warned that BTC could fall further.

“We’re now sitting at the top of a long-standing wide range, the bottom of which could easily be $6,000 or even $4,000 per bitcoin,” Greenspan wrote.

He continued and said that the believes that there’s “a fair chance” of the market turning around and “blasting through $10,000” per BTC.

We recommend that you check out the original article to learn more details.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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