Bitcoin Crashes Under $9,000 As $10 Billion Wiped From Crypto Markets

Bitcoin and cryptocurrency markets have been searching for direction over the last few days but have finally made a move.

 

The bitcoin price, after taking another failed run at the $10,000 per bitcoin level last week, has shed around 5% in the last 24 hours—dropping to under $9,000 for the first time since late May.

 

Bitcoin fell to lows of $8,900 on the Luxembourg-based Bitstamp exchange before rebounding slightly.

 

The wider bitcoin and cryptocurrency market has recorded similar declines, with ethereum, Ripple's XRP, bitcoin cash and litecoin all losing around 5% and wiping some $10 billion from the combined value of the world's cryptocurrencies, CoinMarketCap data showed.

 

The cause of the sudden bitcoin sell-off was not immediately clear, however one cryptocurrency analyst pointed to a period low volatility setting up "big moves" soon.

 

"[Bitcoin] volatility nearing the [three month] lows," Edward Morra said via Twitter, adding "we are back to March 7 pre-crash levels" and he's expecting "big moves this upcoming week."

 

Despite its latest fall, the bitcoin price is still up around 30% since the beginning of the year.

 

In March, bitcoin briefly crashed to under $4,000 amid a wider coronavirus-induced sell-off but rebounded in the run to to its closely-watched May supply squeeze, known as a halving.