Bitcoin Hits USD 12K, Crashes By USD 800 In Minutes; Ether, XRP Still In Green

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The most popular cryptocurrency, bitcoin (BTC), started Sunday on a volatile note, as its price crashed by more than USD 800 in 25 minutes after topping USD 12,000, once again prompting a selloff in the whole market.

At pixel time (06:31 UTC), BTC trades at USD 11,261, after rebounding from USD 11,130, compared with USD 12,041, reached earlier today (UTC time). The last time BTC was over this level is August 2018.

The price is down by 3.6% in a day, trimming its weekly gains to 16%. BTC is up by 23.5% in a month and almost 5% in a year.

BTC price chart

Other major coins from the top 10 are down by 2%-7%, except ethereum (ETH) and XRP that are up by 4% (USD 372) and almost 7% (USD 0.286) in day, respectively. However, both coins have dropped sharply too. Earlier today, ETH reached USD 409, while XRP touched USD 0.323.

The total market capitalization dropped by 2%, to USD 342bn. Bitcoin dominance, or the percentage of the total market capitalization, slipped by less than 1 percentage point, to 60.6%.
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Reactions:

https://t.co/ZxXIqcEyYl

— Nick Core ? (@Crypto_Core)

BTC rebounds quite strongly. Must be a V-shaped recovery or something. Stranger things happen in a real world, you know.

— ʲᵒᵉ?️7 (@J0E007)

The dump highlights the stenght of 11,700 – it will not be breached easily.

— Teddy (@TeddyCleps)

@BtcMotivation @APompliano Back to where you were 30 hours ago. https://t.co/CogiWCbZyy

— Conviction Capital Research (@EVtoEBIT)

@iamjosephyoung I wish someone could explain HOW this can still happen. What happened? One whale decided to drop a… https://t.co/QgZkZC12cx

— WeiRdCroissant ? (@WeiRdCroissant)

@cz_binance $BTC to $100k and none of us got to take part in it

— Josh Rager ? (@Josh_Rager)

BTC dump or not, perp yield arb party never ends, it seems… Party rules are still the same: buy perp @ Bfx, sell perp at any number of exchanges below, multiply the rates below by 3x your leverage, and enjoy crazy daily yields… pic.twitter.com/lpOpaC8FSO

— ʲᵒᵉ?️7 (@J0E007) August 2, 2020

The bears who were calling sub $7k at $9k are now doing victory laps at $11k #

— WhalePanda (@WhalePanda)

@MoonOverlord Alot better than being stuck in that 9k range for months. This is alot more fun.

— Samuel Whittemore (@Absconder_ieie)

Source: cryptonews.com

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