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Bitcoin (BTC) Tumbles to $8,600 in Sudden Crypto Crash, Sending Ethereum, XRP and Altcoin Market Into Deep Red Territory

by Daily Hodl Staff
May 9, 2020
in Trading
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Crypto traders are reeling from a sharp and sudden drop in the price of Bitcoin (BTC).

BTC went from about $9,600 to $8,600 in an instant, according to data compiled by CoinMarketCap. It is currently at $8,749 at time of publishing, down 11.40% in the last 24 hours.

Analyst Josh Rager says BTC needs to stay above $8,400 to avoid a bigger move to the downside.

“Tick tock it’s officially Sunday UTC, time to let the BTC games begin. $9100 couldn’t hold – that was a key area. Bitcoin looks like it hit local top and to be heading down to $7k land if this closes below $8400 (grey box). Expect more volatility today – seat belts…

Nice wick on the 4 hour so far, buyers stepping in. More downside could come but holding above $8600 support would be a good start.”

Source: Josh Rager/Twitter

The crash is pushing the altcoin market into deep red territory.

Ethereum is down 10.19% at $191.91. XRP is down 9.94% at $0.1985, and Bitcoin Cash is down 12.92% at $235.16. Here’s a bird’s-eye view of the market from COIN360.

Source: COIN360

This is Bitcoin’s first correction since its huge rally from a low of $4,183 on March 12th to a high of $9,987 on Friday.

BTC began the year at $7,203 and is up 21.46% year-to-date.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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