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Another Flash Crash: Bitcoin down to $7200, Ethereum at $570, Ripple [XRP] at $0.63

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Bitcoin, Ethereum, Ripple and the crypto flash drop
Source: Pixabay

An undramatic Saturday night where Bitcoin was happily trading at $7600 turned into a bloodshed when BTC dropped by almost $400 in under 2 hours. Almost all other virtual currencies faced the same bear pressure dropping by ~5% in the past 24 hours. IOTA and BCH were the biggest losers, losing ~10% and 7% in value respectively over the past 24 hours.

Bitcoin [BTC] at press time had gone back to trading at $7348 to a token with a market cap of $125 billion with current market domination at 38.3%. A lot of chart analysts had predicted a “big” price action on Saturday or Sunday with the Bollinger Band indicator showing an elongated tube formation which is generally interpreted to be followed up by a big price action.

Bitcoin [BTC]'s drop

Bitcoin [BTC]’s drop to $7270

Ethereum [ETH] also crashed with the similar selling pressure as Bitcoin leaving the charts looking exactly similar. Ethereum [ETH] was trading above the $600 price point before the dramatic sell-off in under 2 hours which left ETH trading at $570 to a token with a market cap of $58 billion.

Ethereum [ETH]'s drop to $571

Ethereum [ETH]’s drop to $571

Ripple [XRP] although experienced a similar selling pressure, immediately after the drop there was a pullback. XRP at press time was trading at $0.64 to a token with a market cap of $25 billion.

Ripple [XRP]'s drop to $0.63

Ripple [XRP]’s drop to $0.63

Despite this slump, many analysts call this drop as insignificant because of the 24-hour trading volume as early January this year Bitcoin experienced a trading volume of $17 billion in a day. Yesterday’s Bitcoin trading volume was 4x lesser at $4 billion.

Thomas Lee, Fundstrat’s Robert and many other influencers including John McAfee have predicted the year-end prices to be more than $20K for Bitcoin. With the market prices still dependent on Bitcoin, a bullish momentum in Bitcoin will signal a monumental growth for other altcoins especially for ones with a hard-working tech team.



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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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