Bitcoin Falls as $300 Billion Wiped Off Market
The past 24 hours have been heavy going for the crypto market. Bitcoin plunged to lows of $45,000 at one point — dragging down altcoins with it. Ether plunged below $1,400 after taking a 20% hit... with Binance Coin, XRP and Bitcoin Cash suffering similar losses. Thankfully, BTC has managed to recover some ground in recent hours.
Did This Whale Cause the Flash Crash?
A whale sold $156 million worth of Bitcoin right before prices plummeted, new data shows. According to Santiment, the same address made a similar move before the flash crash last March. It’s thought this big transaction might have sparked selling pressure — and that it could have contributed to over $5 billion in BTC futures being liquidated.
Elon Musk is getting a taste of his own medicine. Over the weekend, the Tesla CEO had tweeted that the price of Bitcoin and Ethereum "seemed high." This may have prompted Tesla’s share price to fall on Monday — meaning it’s now down 21% from its Jan. 25 high. The sell-offs may also have been fueled by Bitcoin’s dramatic decline on Monday.
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