The top cryptocurrency lost $8,400 to trade at its lowest price in three weeks, with altcoins faring much worse – XRP went down close to 30%, while BCH and BSV saw even bigger drops.
The overnight crash is mysterious, but some analysts have attributed it to a rumor that the U.S Treasury was looking to charge several firms it believes laundered funds through crypto.
It has been a utopia in the cryptocurrency industry for the past three weeks, with most coins seeing a new record price every other day. However, in the early morning hours today, a mysterious flash crash has seen most coins register at least 15% price drops. Bitcoin lost $8,400 in a few hours, with XRP, Bitcoin Cash (BCH), Bitcoin SV (BSV), Dash and Ethereum Classic (ETC) faring much worse.
Bitcoin bleeds, liquidates $10 billion
The top cryptocurrency dropped from roughly $60,000 to just over $52,000 in under half an hour, around 3:00 UTC today. It has since bounced back slightly and is trading at $57,600 at press time
