Bitcoin's usual social media slump has become unusually sudden
Yesterday, the price of Bitcoin (BTC) began to fall rapidly. In seven minutes, in the most liquid pair with the US dollar, the price of the cryptocurrency fell from $114,683 to $110,635. After that, for several hours, it remained in the range of $112,000.
Some in the crypto industry called the event a flash crash, with investors wondering if the negative trend would continue. Panic-mongers predicted further selling by the same wallets that initiated the sell-off.
The more sensational or absurd the explanation for what happened, it seems, the more attention it attracted on social media.
One blogger with over 150,000 viewers reported that the price of BTC dropped below $110,000, even though this did not happen on Coinbase, Bitstamp, Kraken or any other major trading platform.
The announcement of a sudden collapse in BTC attracted millions of viewers, although the sell-off was relatively orderly and unremarkable. What was most notable about yesterday's trades was their misinterpretation.
BTC has had significant and sudden crashes before, with instantaneous losses followed by near-complete recovery. However, unlike those, BTC did not fully recover yesterday, and on August 25th, it was back in the $110,000 range.
As analysts like to write in such cases, the long-term bullish trend is intact.
Source: cryptonews.net
