The price of bitcoin has collapsed below $9000 in the run - up to halving

The price of bitcoin has collapsed below $9000 in the run - up to halving

Today, on may 10, the price of the first cryptocurrency suddenly fell below the $9000 mark, interrupting the uptrend. At the time of writing, BTC is trading around $8,600.

The chart below shows that the sharp decline in price was accompanied by a significant surge in trading volumes:34a7150542f4623e36fee8cc0dae56dd22fc7f4beb0c2350ec7b58d4b4bda2cf.png

In just 30 minutes, the price of BTC dropped by 10%. Against the background of what is happening, the Coinbase exchange briefly went offline.

According to the service, the volume of liquidations on the popular crypto-derivative exchange BitMEX against the background of the collapse of the price almost reached $300 million.

The sharp drop in the price of BTC occurred on the eve of halving the reward for the block, which is less than two days away.6b794dad649acc3bb763cbcb9c27ba4c18058dd2deb02c6056614c3a219d4ad4.png

"By tradition," the first cryptocurrency pulled down almost the entire rest of the market. This is what the top ten CoinMarketCap looks like at the time of writing:11568f7439f1dabd9fc3172d10076c71bf7878cd8a3cab103f253c451b572623.png

As you can see in the screenshot, the vast majority of crypto assets have sunk by more than 10% over the past day.

The total market capitalization is at $236 billion, and the BTC dominance index is 66.9%.

Opinions in the crypto community about the impact of the upcoming halving are ambiguous. So, early bitcoin investor Charlie Shrem is sure that the half-payment of the reward for the block mined by miners is a positive signal for digital gold, the effect of which, however, will not immediately manifest.

Specialists of the analytical platform Santiment have a completely different opinion, which recently predicted the sales of major players against the background of hype around halving.


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