Bitcoin drops $ 2,000 in a minute! What’s wrong? – Surprise! In the last few minutes of the market session, Bitcoin (BTC) has slipped, showing unusual weakness in the latest strong bullish trend. In fact, in the span of a few minutes, maybe a few seconds, Bitcoin has dropped from $ 13,800 – the highest level this year – to under $ 12,000.
Some time ago, Bitcoin was at $ 12,600, garnering almost 8% in a few minutes from its short-term low. The market must be volatile, and there seems to be a reason for that.
At the time of the press, Bitcoin prices fell 4.3 percent within 1 hour, occupying the price of Rp 12,785 or Rp 181 million according to CoinGecko .
During the move, the exchange began to stutter, falling under pressure due to the surge in demand. When CBT Petersen from NewsBTC saw, throughout the Coinbase platform, both on mobile and desktop devices, for the time being it stopped working.
Meanwhile, an error message appeared on Coinbase.com then the service resumed a few minutes later. Petersen also said in his Twitter account:
“@Coinbase seems to have a problem now, at least in their mobile application. The problem starts right when $ BTC is disbursed under $ 12k. ”
According to other reports made by users, other platforms also have difficulty operating during this fast fall. An investor even drew attention to Binance, who also stopped working for a short time. This author anecdotally confirmed that Binance operates slower than usual.
However, some have successfully received the burden of this collapse. BitMEX, for example, has now registered record volumes, which contain more than $ 13 billion in Bitcoin contract volume in the past 24 hours.
Considering that BTC is still quite far from the highest level of its time, the volume only emphasizes the importance of the swing to be higher. Volume, in the eyes of some, also shows that FOMO has begun to reappear in the crypto market.
Joseph Young, one of the most popular analysts on Twitter, said in his words about the volume of Bitcoin:
“For the first time in 2020, the volume of bitcoin” Real 10 “, which refers to the daily volume of 10 recognized exchanges that have real volume by Bitwise, is close to $ 5 billion. BitMEX’s volume also exceeds $ 11 billion. “