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Bitcoin falls $9,500 in one hour due to spot market selling; El Salvador buys the dip once again.
Bitcoin’s price fell early Saturday, plummeting about $10,000 in less than an hour to a brief low of $42,000 before rebounding to $45,000.
Bitcoin has dropped by $15,000 in the last 24 hours. Ether, the second most valuable cryptocurrency by market value, decreased by about $1,100 within the same time period.
According to CoinDesk’s price index, the top cryptocurrency mirrored a larger decrease in crypto markets, with several cryptocurrencies plummeting more than 20% in the last 24 hours. The majority of these assets appear to have experienced a severe fall beginning approximately 04:00 UTC Saturday.
The whole market cap is presently hovering around $2 trillion, according to CoinGecko.
Spot market selling appears to have pushed the Bitcoin lower before triggering massive stop loss orders in the derivative markets.
“So far, I’ve witnessed upwards of 4000 BTC being sold, which has driven the market down dramatically,” said Laurent Kssis, a crypto exchange-traded fund expert and director of CEC Capital. “In fact, at the moment of the decline, 1,500 BTC was sold in less than a minute.”
