Crypto Market Volatility Rises as Bitcoin Flash Crashes Below $93K, with the Technical Setup Suggesting That the Upside Is Not Over

The cryptocurrency market took a hit today, with the total market capitalization dropping by over 3.1% to about $3.5 trillion on Dec. 6.

The cryptocurrency market experienced a downturn on Dec. 6, with the total market capitalization dropping by over 3.1% to about $3.5 trillion. This decline was triggered by a sudden flash crash in Bitcoin (

BTC

) price on Dec. 5.

Here are the key takeaways regarding the crypto market's decline today:

Investors turned risk-averse following a flash crash in Bitcoin (BTC) price on Dec. 5. The BTC price suddenly fell 5% within minutes to below $93,000, leading to a sell-off in the crypto market.

The BTC price dropped from an all-time high of $104,000 on Dec. 5 on Coinbase, reaching a seven-day low of $92,055. However, it later recovered to $98,613 at the last check.

XRP (XRP) extended its three-day losses, dipping as low as $2.1 on Dec. 5 before recovering to the current price of around $2.29.

Other top-cap cryptocurrencies that posted significant losses on Dec. 6 include BNB Chain’s BNB (BNB), Dogecoin (DOGE) and Cardano (ADA), which are down 1.98%, 3.2% and 4.6%, respectively.

According to independent analyst Jelle, the correction in the crypto market was not unusual, especially around milestone price levels.