TL;DR Breakdown
- Bitcoin prices drop dramatically in the span of a few minutes.
- Bitcoin’s trading volume rises by 91.49% shortly after the dip.
- Many top investors show off their BTC purchases.
After the events of last night, the crypto market has been left in shambles, leaving people into bits and pieces with confusion. The sudden bearish run has left investors stunned as Bitcoin and Ethereum’s prices fall into the lowest depths within a single night.
After what seemed to have been an amazing bullish streak, Bitcoin’s price fell further below the line of what could’ve been its one chance to overcome its high of $60k amid the market crash. BTC dropped down even below $50,000, reaching as low as $45,000. It is now trading at $47,550.
How did Bitcoin’s prices suddenly plummet?
Bitcoin’s trading value drop has left people stunned as the coin’s value dropped $15,000 within minutes. Investors who were looking to buy at a reasonable price rejoiced, while those who had been hoping Bitcoin would make its comeback above $60,000 were left dazed.
Not only did Bitcoin’s prices dip, but Ethereum has not seen much better luck. After hopes of crossing $4.85k, it has dropped almost $1,100 in price and trades at $3,925. This sudden turn of events has led to almost 4,000 BTC sold within just a few minutes of the price efflux. This sudden price drop has startled people, but investors jumped at the chance to buy the coin while its price recorded a low as great as this.
How did the crypto market respond to this efflux?
When investors opened the value prices today, they were shocked to see such a huge price decrease in the world’s two biggest leading altcoins. Naturally, anyone looking to invest immediately jumped at the chance to buy BTC while the price dipped.
This has led to a 91.49% increase in the trading volume of Bitcoin, and it has been selling as fast as ever as just a few minutes were enough to make trading volumes skyrocket across the globe. Major influencers and even countries that have dabbled in the crypto market have had some things to say about it.
El Salvador buys a humongous number of BTC
The President of the Republic of El Salvador, Nayib Bukele, announced almost five hours ago that El Salvador had bought 150 BTC at the low price of $48,670.
El Salvador has been known to be a great investor in Bitcoin, and after the recent price drop, it seems that the President has immediately jumped at the chance to buy more. El Salvador would’ve gotten the coins cheaper if they had waited some minutes more, as Bitcoin further dropped from their entry point.
CEO of Tron jumps on the bandwagon
The CEO and founder of TRON foundation and BitTorrent, Justin Sun, has also invested more into Bitcoin. After a challenge from El Salvador President Nayib Bukele, he has hopped on the bandwagon and bought 50 BTC in one go at the low price of $47,250 over two hours ago.
What to expect next?
Although the recent efflux has certainly startled us, seeing so many investors jump to buy BTC at the lowest possible price has been amusing and insightful. Although previous owners of BTC who bought the coin at a higher price are not as amused, we think there is hardly a need for worry.
A popular crypto influencer on Twitter pointed out that every month Bitcoin has spent in bearish runs has led to two or three months of fruitful bullish runs for every history of Bitcoin cycles. We hope that this time is the same and that, given the right amount of time, Bitcoin will pick up its fallen pieces faster and stronger than ever.
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