A massive flash sale drove the Bitcoin price down to $ 51,000 on Bitstamp as the cryptocurrency rebounds, so we read more on our bitcoin news and analytics today.
Bitcoin hit a fresh high during Monday morning’s Asian session and at the time of writing the asset is trading at $ 56,700. Bitcoin posted the green candle every Tuesday and Wednesday in the daily timeframe. The asset is up a massive 17% in the past week and 31% on the last day. However, there is a slight difference in popularity as pointed out by trader “Hsaka” which is a flash crash triggered by a large sell order on Bitstamp. The price plummeted to around $ 51,000 after a massive spot sale on the platform, but markets were unaffected elsewhere.
What a neoclassical market, selling $ 40 million on Bitstamp. pic.twitter.com/UiWTnbF9dg
– Hsaka (@HsakaTrades) October 10, 2021
A flash crash is described as an event where the price of an asset instantly falls by a large percentage and then immediately rises again. That happened a few hours ago at the stock exchange. BTC stood at around $ 55,500 before dropping to $ 51,000, as the graph shows. It rose just as quickly, and TradingView’s volume data shows that 212 BTC has currently been sold, which is most likely the cause of the decline. It should be noted that this is not an isolated case in the crypto space. Reports in the past have pointed to several examples where the price of BTC has increased by double-digit percentages in seconds. A number of altcoins are also affected. For example, the quarterly DOT / USD futures contract on Binance Futures’ COIN margin saw a rapid crash when the price fell from $ 33,862 to just $ 0.20 in seconds.
As recently reported, after slipping from a day ago to below $ 54,000, it started to appreciate again and hit nearly $ 56,000, but some altcoins like XRP and DOT have seen some gains in the past few days. The main cryptocurrency exploded over $ 50,000 and has not looked back since. But the opposite happened, it was mostly hack and resulted in $ 56,000 mining for the first time in five months a few days ago. Breaking one more level was even more difficult than expected when the bears stopped moving and pushed BTC south, causing BTC to drop a few thousand dollars below $ 54,000.
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