Bitcoin Drops Down $550 to $9,716 BTC/USD as Major Altcoins Price Plunge Suddenly
As soon as investors were starting to believe that $10,000 USD would be Bitcoin’s next bottom, prices dropped a lot. All the major cryptos’ prices, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple’s XRP all went down today. In only a few hours, Bitcoin lost 5% of its price and other cryptos lost 10%.
Bitcoin was up almost 200% until now, so the plunge comes as a surprise for most investors and marks a bad day. Bitcoin went down 5.6% today, but it stopped to fall as quickly as it started and now prices are around $9,750 USD again.
The reasons for the drop in prices remain unclear at the moment. Dave Balter, the CEO of Flipside Crypto, told Bloomberg that it looked like a planned sell-off. To him, investors were planning to cash settle futures, which are coming up this Friday. Another investor, Jeff Dorman affirmed that, as volumes are pretty low this week, it is easy to move prices up and down.
Another sign of what may have happened can be seen at BitMEX. Around $144 million USD worth of BTC was liquidated at the exchange, which helps to strengthen the theory that this was a planned move.
The Crypto Monk, a prominent internet figure, affirmed that the weekend was very bullish but the week was calmer, so investors decided to cash on the euphoria of the market.
Will the prices go up again or is the bull run over? Too early to say, that much is sure. The crypto analyst Murad Mahmudov from Adaptive Capital affirmed that BTC will now test the $9,750 mark. If it remains above it, there are good chances that it may reach $20,000 by the end of 2019.