This price breakdown has been the most volatile day for Bitcoin after the China miner runout.
Cryptocurrency prices dipped sharply over the past 24 hours due to increased volatility and heavy sell-off. On 7th September Bitcoin continued to fall sharply as a volatile day and resulted in a price drop.
Bitcoin was trading at $45,474.51, down over 13.48 percent compared to its value 24 hours at 12:00 pm. The cryptocurrency’s market capitalisation fell sharply to $855 billion and the trading volume over the past 24 hours rose to 3.19 billion. The jump in trading volume was primarily due to a heavy sell-off.
Ether mirrored Bitcoin and slipped after gaining momentum over the past few weeks. It was trading at $3,352.38, down 14.45 percent. Ether’s market capitalisation fell below $400 as a result. Like Bitcoin, Ether’s trading volume rose due to higher sell-off.
From the investors view
Edul Patel, CEO, and Co-founder of Mudrex, a global algorithm-based crypto trading platform, said, “It was a massively volatile 24 hours for the cryptocurrency investors. Bitcoin fell from $52,900 to just over $43,000 in a very short span. This event caused a massive liquidation as more than 329,000 investors and traders got liquidated.”
“The largest altcoin, Ether, quickly replicated Bitcoin’s move. However, there was some recovery later in the session. Some Bitcoin whales seem to have bought the dip as the price recovered a bit immediately following the drop,” he added.
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