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The bitcoin price went on to test $ 7,000 Thursday after a $ 500 crash crash plus early in the day.
The Bitcoin price recovers from a Flash crash
As CCN reported, an exuberant commercial frenzy on Thursday morning pushed up the price of bitcoin above $ 7,000 for the first time. Not content with this level, the price of Bitcoin jumped $ 350 in the wake of Bitfinex massive buying pressure on Bitcoin Exchange, exceeding $ 7,350 to reach a new record.
Immediately after this rush, the price of bitcoin fell into a flash crash, and it dropped to nearly $ 6,850 in the space of ten minutes and eventually declined to $ 6,753
].
BTC Price Chart Source: BitcoinWisdom
However, the price of bitcoin fell short and quickly recovered to $ 6,900, and he spent the rest of the day trading above that level and breaking the 7 mark. $ 000 on several exchanges. Fueled by significant premiums on the Korean Bithumb market, the price of bitcoin is currently trading at a world average of $ 7,009. That's a 6% increase over 24 hours and gives bitcoin a market capitalization of $ 116.7 billion.
Source: CoinMarketCap
Analysis
There is no clear explanation for the instant crash, but it is likely that a large-scale trader was taking profits following the record-breaking week of pricing. bitcoin. At the time of the accident, the bitcoin had been valued close to $ 1,000 over the previous 24 hours, so it 's not surprising that the rally stopped when it l' l bit bit bit,,,,,,,,,. did.
Nevertheless, the bitcoin price has demonstrated its resilience after the flash crash, and its rapid recovery is evidence of optimism from investors and traders on the announcement by the exchange rate operator CME Group earlier this week that it will offer institutional traders access to bitcoin futures. like this year. The launch of Bitcoin futures is expected to lead to the first Bitcoin ETF, an exchange-traded fund that will hold Bitcoin futures.
Some Wall Street investors worry that the provision of Bitcoin ETFs to retail investors "is playing with fire" and could lead to a repeat of the financial crisis of the last decade, but it is not the case. Predominant opinion among analysts is that significantly increase liquidity within the bitcoin ecosystem and will help the cryptocurrency lighthouse become a financial asset.
Image from Shutterstock.