Bitcoin breaks below $30,000 in flash crash event; altcoins bleed Bitcoin breaks below $30,000 in flash crash event; altcoins bleed
Bitcoin price dropped as low as $29,010 on April 19 — as derivative open interest also tanked in a price flash crash.
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Updated: Apr. 20, 2023 at 3:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
At 09:00 BST, Bitcoin (BTC) lost $30,000, sinking as low as $29,010 at the time of press — a 3.6% drawdown.
A bounce saw the 09:15 BST 15-minute candle close at $29,285. However, bears continue piling on the selling pressure — dipping the subsequent candles in readiness for a retest of $29,010 support.
Twitter user @VetleLunde, an analyst at K33 Research, noted that Bitcoin Open Interest on Binance “puked 5.1% in the last 15 minutes.”
The chart below shows the number of open contracts sinking to approximately 94,300 — from 99,587.
In response, the total crypto market cap lost $40.2 billion over the last 15 minutes — representing a 3% loss in value to $1.228 trillion at the time of press.
Over the past hours, the biggest top 100 altcoin losers were Dash, MultiversX, and CurveDAO Token, down 4.4%, 4.1%, and 4%, respectively.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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