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Cryptocurrency News Articles
Crypto Market Volatility Rises as Bitcoin Flash Crashes Below $93K, with the Technical Setup Suggesting That the Upside Is Not Over
Dec 16, 2024 at 11:01 am
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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- NYC's New Beat: Staking Systems, USD1, and Governance Drive Crypto's Next Wave
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- OKX Unveils Agent Payments Protocol: Ushering in a New Era of AI Transactions
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