The price of bitcoin It crashed Wednesday morning, dropping thousands of dollars in the space of just a few minutes.
the cryptocurrency It fell below $ 59,000 after the sudden drop, more than $ 5,000 from the levels it was trading at earlier this week.
The latest price drop comes less than a week after BTC hit a new all-time high of near $ 67,000.
Follow, continue The independentLive coverage of the cryptocurrency market.
Blockchain data suggests that today's price drop is partly due to long-term holders making some gains, which usually occurs after Bitcoin hits a new all-time high.
Any sudden drop in price of more than a couple of percent can lead to panic selling by crypto investors, although severe drops often attract new buyers as well.
"Am I the only one who gets excited about small dips in a bull market?" an investor wrote on Twitter. โJust buy the dip. Little flash sale. "
Other wrote: "Buy the dip, thank me later."
The sudden crashes seen earlier this year were followed by record bounces, with some crypto analysts predicting new all-time highs before the end of 2021.
Several other leading cryptocurrencies also fell in price, with Ethereum (ether), Binance Coin, Cardano (ada), Solana (SOL), and Ripple (XRP) all falling between 5% and 15%.
The overall cryptocurrency market fell below $ 2.5 trillion, more than $ 200 billion less than earlier this week.
More to follow.
