Written by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin suddenly crashes below $19K after all-time high sparks wild volatility
MarketsPublishedDec 1, 2020
BTC price trims $1,600 in under two hours thanks to pressure from sellers near $20,000, while Ether also tanks below $600.
Bitcoin (BTC) continued an intense day of volatility on Dec. 1, hitting lows of $18,400 just over an hour after challenging $20,000 and breaking a new all-time high.
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Bitcoin sheds $1,600 in under 2 hours
Data from Cointelegraph Markets and TradingView tracked BTC/USD as it delivered some of its most unpredictable moves in history.
At press time, the pair was moving in a range roughly bordered by $18,500 and $19,000, with conditions changing by the minute.
BTC/USD 1-min chart (Bitstamp). Source: TradingView
Just an hour previously, an attempt to crack $20,000 resulted in a firm rejection along with a $1,000 dive to $19,000 in under ten minutes.
The move mimics Bitcoin's behavior from last week, during which an initial attempt to break $19,500 also sparked major problems.
furtherAs reported on Monday, traders will now likely be watching the newly established BTC futures gap, between $16,900 and $18,300, which may get "filled" if the price corrects further.
Ether price disappoints at Ethereum 2.0 launch
Meanwhile, volatility spilled over to altcoins, with Ether (ETH) abruptly losing $600 to trade closer to $575 at press time, thus reversing the previous day’s gains.
ETH/USD 1-hour chart (Bitstamp). Source: TradingView
The performance puts a dampener on the launch of Ethereum 2.0, Ether’s parent network’s long-awaited protocol upgrade.
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