Categories: CryptoNews

Bitcoin Price Crashes $70 as Traders Take Profits

Welcome to the world of Bitcoin, where the markets trade like tsunamis. In an unexpected turn of events Bitcoin’s price has crashed over $70. The crash came amid a correction of the market as traders took profits. It seemed that the price has been rising with no end, but the inevitable has come. 

Bitcoin’s price has been on the rise since the beginning of the year, only experiencing one mid-sized crash on Feb 9th as a result of the PBOC statements

. Today Bitcoin has broken many ATH’s and rose to a peak of $1220, however just now the price crashed over 6% to $1155. The media has been covering Bitcoin’s price surge nonstop the past two days. Those that remember December 2013’s price rally where Bitcoin’s price rose past the $1000 mark, may have noticed that Bitcoin appeared everywhere on mainstream TV stations and various high ranking news outlets. As everybody caught wind of the hype the price crashed a few days later.

Many experienced traders like to take advantage of the hype and claim profit while they still can. It is a common investment strategy for more risky players to “buy on the way down and sell on the way up”. Keep in mind though, since the Bitcoin market is still quite unregulated major volatility goes both ways. Meaning that even though Bitcoin’s price just dropped $60 in a matter of minutes, it has also gone up $60 in the previous 9 hours.

Related Post

Source: Bitcoinwisdom

As discussed in our previous Bitcoin price article, this volatility can be attributed to the expected Bitcoin ETF’s decision. Currently the odds that the Winklevoss Bitcoin ETF application will be approved is a mere 36%. If the approval is positive, then chances are Bitcoin’s price will skyrocket. However, if the outcome is negative expect much more corrections up ahead.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

6 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

6 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago