The Bitcoin market has been trading quite unimpressively over the past few weeks, disappointing investors, especially those in it for the short run. However, more bad news piled on yesterday when Bitcoin suddenly shed $500 in just a few minutes. The king coin dropped below $150, and set a new low that hadn’t been seen in 5 months.
At the time, Data from Coin360 showed the flop with the largest digital asset in the market after leaving $8,000, dropping to $7,450 from the $7,950 it was about 5 minutes before. So far, no one has been able to say definitively that they can tell the real reason Bitcoin crashed that much in such a short time. Even though the market’s volatility is not new, this much weight being shed is worrisome for most people.
In an unsurprising turn of events, Bitcoin also seemed to drag the altcoins down with it. Altcoins sometimes mirror Bitcoin’s price trajectory and this was seen again yesterday, as most of the biggest altcoins also shed weight, with some losing up to 8%.
So far, Bitcoin hasn’t really recovered and according to Coin360 at this time, the leading coin is trading below $7,500 even with its continuous fluctuations. Some analysts have however predicted that Bitcoin might be gearing up for a bull run when the current loss is over but as usual, its impossible for anyone to be completely sure.
Image Credits: Pixabay