Bitcoin price CRASH: Cryptocurrency suddenly falls and wipes out $13BILLION in MINUTES
BILLIONS of dollars were wiped out within minutes from the market capitalisation of bitcoin (BTC), as the cryptocurrency experienced a sudden and unexpected plunge in value today.
By SAM STEVENSON
Express.co.uk
Thu, Oct 11, 2018
BTC has experienced a sudden drop in its value after a stable few months of trading, as five percent was shaved off its price almost instantaneously.
Other leading cryptocurrencies, ripple and ethereum, were dragged down with it as the price plummet caused a ricochet effect on the whole cryptocurrency market.
The world’s leading cryptocurrency had entered a period of remarkable stability as the asset hit a 17-month volatility low in September.
But the steady spell appears to be over, with the digital asset taking a huge price hit causing $13billion to be lost in minutes, according to CoinDesk data.
The decentralised digital commodity’s price fell sharply to $6,125 (£4,629) but it did recover briefly to $6,200 (£4,686).
At the time of writing, one bitcoin is worth £4,696.
Short and sudden swings in bitcoin’s price are often attributed to trading “bots”, which initiate trades and cause a domino effect on the price.
So-called “whales” (holders of huge amounts of cryptocurrency) can also cause price fluctuations, as they buy and sell amounts so vast they impact the whole market rate.
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