Bitcoin price dropped as low as $51,000 after a flash crash on Bitstamp. Afterwards, the price continued to rise to $56,800. Let’s look at the details together…
Bitcoin price suffered a flash crash on Bitstamp: it dropped to $51,000!
Bitcoin, the largest cryptocurrency, slid 8% to $51,011 in a single one-minute candle on the Luxembourg-based Bitstamp exchange. Then, Bitcoin price quickly retraced the $55,000 level within seconds. This bizarre trading activity caused by a $40 million sell market order only took place on Bitstamp. Other major exchanges were unaffected by the violent price movements. Volatility events are not uncommon on cryptocurrency exchanges, and they can be much more extreme. In February, the Ethereum price fell in half.
Bitcoin was unaffected by the recent short-term drop on one of the largest trading platforms. It then continued to rise to $56,800, its highest level since May 12. The leading cryptocurrency is up 29% so far in the first month of the historically bullish fourth quarter. cryptocoin.com As we reported earlier, Galaxy Digital CEO Mike Novogratz recently said that he expects a new rally in BTC.
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