The price of Bitcoin has suddenly headed south. It has dropped 5% in the last 24 hours, falling from $9,246 to its current value of $8,800.
Bitcoin's price was stable until 2:00 AM UTC before crashing initially to the $9,000 mark where it stayed for three hours. But in the last two hours, its price dropped even further, at one point crashing by $100 in minutes. It is unclear if it has settled at this range or will keep falling.
→This move appears to be the opposite reaction to when Bitcoin's price pumped 20% on October 25, following a speech by China President Xi Jinping about the virtues of blockchain technology. When that happened, Bitcoin's price jumped from $7,500 to nearly $10,000 per coin. It cooled off for a bit, falling to around the $9,000 mark and traded there for a few weeks before the support broke today.
As a result, nearly the entire cryptocurrency market is in the red, with heavy losses across the board. Bitcoin SV is now down 8%, with Binance Coin and Bitcoin Cash not far behind, each posting 5% drops. Defying the market, Maker—which governs the DAI stablecoin—is up 5%, somehow.
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