Bitcoin crashes to $6,100 loses over $1200 in less than an hour

Bitcoin crashes to $6,100 loses over $1200 in less than an hour

  • Bitcoin has just crashed by over 20%, with its price losing over $1200 in less than an hour.
  • The coin has lost more than $22 billion from its market cap, and it took the rest of the market with it.
  • The cause of the crash is unknown, although many believe that it is a consequence of WHO declaring a global pandemic, causing investors to flee the crypto market, and massively purchase available stablecoins.

Bitcoin (BTC) market cap has just lost $22 billion as the coin’s price dropped from $7,360 to barely above $6,000. This is the first time that the coin has seen such a severe crash since May 2019, when it lost around 20% of its value in less than a day.

According to information from CoinMarketCap, the drop that the coin has experienced in the last hour represents a 21.34% drop.

The initial drop was even more severe, and the coin actually lost $1,500, briefly dropping to $5,900 before a recovery took place, taking it back up to $6,700. After that, the price dropped yet again to $6,400, and then to the current $6,000.

The changes are happening extremely rapidly, and the coin appears to be more volatile than ever. The coin’s market cap currently sits at $111,14 billion, down from almost $142 billion which it had this time yesterday.

The altcoin market follows Bitcoin’s crash

The rest of the market is not performing better, either. Ethereum, the second-largest coin by market cap, is currently spiraling down by 30.80%, with its current price sitting at $136.62, while XRP, the third-largest crypto, currently sees a drop of 26.15%, with a price of $0.153.

The coin that is currently seeing the largest losses among the top 10 list is Tezos (XTZ), the 10th largest crypto, which is losing 38.31% at the time of writing. Meanwhile, Bitcoin Cash is dropping by 33%, Bitcoin SV by 33.97%, Litecoin by 30%, EOS by 31.46%, and Binance Coin by 32.15%.

Meanwhile, the volume of Tether (USDT) is on a sharp rise, as traders and investors around the world are trying to escape the crash by purchasing stablecoins. As for the cause behind the global sell-off, it still remains uncertain, although it is most likely the result of the World Health Organization (WHO) declaring the coronavirus outbreak a global pandemic.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.