According to data from Coin360, Bitcoin investors are experiencing a painful Tuesday, with BTC/USD hovering close to $8,100 at press time. Bitcoin’s rapid drop below $9,800 was the latest move in what was otherwise a slow grind downwards, which began at the beginning of September.
The Bitcoin price flash crashed hard, dropping close to $800 in just a few minutes to show double-digit losses, down 11.4% while currently trading at $8,150 as of press time.
Tuesday Sept. 24 – Bitcoin’s price is retracing rapidly from over $9,800 to $8,150 in less than a day and for the first time in months.
Cointelegraph contributor Crypto Michaël recently said that the next Bitcoin price zone to watch lay immediately below the $9,800 trading levels. He added:
“Break that and investors could look forward to a test of $7,500 support.”
Bitcoin seems to be stabilizing itself around the $8,150 price mark, as of press time.
The overall cryptocurrency market cap stands at $222 billion at press time, having lost a whopping 20 billion in less than an hour. Bitcoin’s share sits at 69.2%.
Bitcoin’s Price Slides $1,000 in 30 Minutes After Margin Calls at Bitmex
Bitcoin tumbled 9 percent in a half-hour on Tuesday, sending prices to the lowest in three months, in a rapid selloff even by the tumultuous standards of the cryptocurrency markets.
As of 21:50, BTC was trading around $8,600, down from a high of $9,812 over the previous 24 hours.
“Even for bitcoin, this is a pretty rare event,” said Qiao Wang, director of product at Messari, a New York-based cryptocurrency-focused data and research firm.
The price started to plunge around 18:30 UTC and stabilized around 19:00.
A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex, a Seychelles-based exchange that provides customers with 100x leverage, essentially loans to traders that multiply the size of an investment by 100 times.
The margin calls were noted by DataMish, a data platform. We contacted Bitmex for comment but were unable to reach a representative at press time.
Prices hit $8,627 at time of publishing.
Bear image via Shutterstock