Bitcoin’s Sunday Adventure: Breaks $12000, Then Falls to $10,694 in 35 Minutes

Bitcoin’s Sunday Adventure: Breaks $12000, Then Falls to $10,694 in 35 Minutes

According to data from CryptoCompare, around 04:05 UTC on Sunday (August 2), Bitcoin broke through the $12,000 resistance level for the first time since 21 January 2018 before reaching $12,019, and by 04:15 UTC, it got to the intraday high of $12,080:

However, in the next 35 minutes, it managed to fall more than 11%:

That was the bad news; the good news is that since then Bitcoin has managed to recover somewhat, and it is currently (as of 09:31 UTC on August 2) trading around $11,287, down 3.57% in the past 24-hour period:

Of course, when you consider that Bitcoin started the weekend (i.e. 00:00 UTC on August 1) at $11,352, then Bitcoin is down only 0.57% so far this weekend.

Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, used turbulence that can occur during flights as metaphor to describes today’s earlier drop from $12,080 (at 04:15 UTC) to $10,694 (at 04:40 UTC):

One crypto analyst offered this advice for newcomers to the crypto space:

As is usually the case with these flash crashes, today’s huge drop in the price of Bitcoin was mostly due to the liquidations of BTC futures contracts on crypto derivatives exchanges.

In total, according to data from Bybt, around $1.1 billion worth of cryptoasset futures belonging to roughly 70,000 traders got liquidated during the long squeeze, approximately $647 million of which was Bitcoin futures (and almost $165 million of which was in Ether futures).

As for Ethereum, today, Ether (ETH) had its own flash crash around the same time as Bitcoin, falling 17% from an intraday high of $414,95 (at 04:15 UTC) to $344,45 (at 04:40 UTC):

Currently (as of 10:11 UTC on August 2), Ether is trading at $375.84, up 4.49% in the past 24-hour period:

Featured Image by “skeeze” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash

 130 Interactions,  2 today

Crypto & Finance News