- Bitcoin dives the $8,800 mark
- Bitcoin’s price plunges by 15 percent in less than an hour
- Coinbase users vents their anger after partial crash
Bitcoin News Today – There has been a drastic decline in the price of Bitcoin over the past few hours. The digital currency has lost a considerable fraction of the gains it amassed over the past week in just minutes. The price of Bitcoin plunged by more than 15 percent in less than one hour. It plunged from the high of about $9,500 to the low of $8,100 on some trading platforms. The price of the world’s most dominant digital currency is now down to about $8,609 at the time of writing.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Drops 15% from the $10k Range in Minutes
Before the massive downtrend, the digital currency was flirting around the $10k range after a week of breaking over several hurdle points. The gradual rally started after the digital currency plunged to about $3,800 in March, and the price of the digital currency has more than doubled since then. The chaotic volatility is just right before Bitcoin halving.
On May 11, the halving reward of Bitcoin will be slashed from 12.5 to 6.25 BTC. There have been mixed sentiments about this Bitcoin halving. While some analysts believe the event would be bullish, others believe the halving event would be bearish. Recently, there was a report that Paul Tudor Jones – hedge fund veteran – is long Bitcoin through the futures market.
Coinbase Partially Crashes in the Midst of the Market Correction
Twitter is currently on fire with reactions from angry crypto enthusiasts. The world’s most famous digital currency is once again in the limelight over social media platforms. The price of the digital currency is down by about 15 percent over the past day, and some users are attributing it to an unprecedented event.
In the midst of the market correction, Coinbase – a US-based digital currency trading platform – went down. Coinbase is one of the most popular platforms for buying and selling digital currencies in the world. The digital currency trading platform is back online now, but not before many of its users vented their anger.
#coinbase was down for an hour and dragged the Price for #bitcoin downwards.
That’s a reminder: don’t leave your coins on exchanges, just what your willing to loose. Not your keys, not your bitcoins. pic.twitter.com/stW3g6joZA
— marc friedrich (@marcfriedrich7) May 10, 2020
Coinbase, large #Bitcoin moves, and crashing is starting to look more like their business plan than a technical platform problem. This looks a LOT like pushing OTC moves through and it hitting spot market value.
— CryptoFree (@CryptoSatireMan) May 10, 2020
What Will Be Bitcoin’s Price Action in the Coming Hours?
Bitcoin’s halving is just a day away, and many analysts, investors, and traders have been waiting for this event. However, unlike the last two halvings, the sentiments around this halving are bullish and bearish. While many thought the halving has already started pricing in, the recent plunge of about 15 percent could be signaling something else. With the recent price action, where do you think Bitcoin’s price would be headed?