Bitcoin (BTC) drifted sideways for about three weeks, hovering near the $6,500 level until another sudden shakedown pushed it downwards. As of 1:00 UTC on Thursday, BTC had crashed within minutes from around $6,550 to $6,310.55, with the potential to unravel further. The move happened on relatively high volumes of $4.5 billion in 24 hours.
Some saw the slide in price as a capitulation event:
The sudden plunge is seen as taking BTC much lower instead of seeking a price breakout. Altcoins also suffered, with Bitcoin Cash (BCH) becoming the greatest loser in the top 10 by sliding to $457.67. Ethereum (ETH) once again threatens to fall below the $200 level. Smaller altcoins are all in the red except for separate cases of a pump. However, the sudden downturn is also wiping out the gains of those rare pumps....
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