Bitcoin rate described: How a single trade crashed the cryptocurrency market

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Bitcoin rate described: How a single trade crashed the cryptocurrency market

Even for something as infamously unstable as bitcoin, the cryptocurrency’s recent price fluctuations have actually been remarkable.

Its worth rose from $4,000 at the start of April to $8,000 by mid May, prior to yoyo-ing in between $7,000 and $8,000 over the last couple of days.

Cryptocurrency specialists have actually tried to discuss the rollercoaster market, pointing out a mix of recent good news in the crypto space and short-term traders trying to capitalise on unpredictability.

We’ll inform you what holds true. You can form your own view.

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However a current crash that cleaned $1,000 off bitcoin’s worth in less than an hour can apparently be described by a single trade.

On the early morning of Friday, 17 May, the sale of 5,000 bitcoin on the Bitstamp exchange– worth around $40 million at the time of the trade– led to a flash crash that cleaned more than $10 billion bitcoin’s market capitalisation in simply 20 minutes.