Bitcoin (BTC) Price Falls 10% in Under Six Hours

Siamak Masnavi

On Thursday (May 30), between 15:30 UTC and 16:00 UTC, the Bitcoin (BTC) price went up from $8,744 to $9,046, breaking the $9,000 resistance level for the first time in 2019.

Sadly, Bitcoin Hodler's joy was short-lived because within the next 10 minutes, the price had fallen to $8,903. And even worse, the BTC price just kept on falling. In fact, by 21:25 UTC, the price of the world's most valuable cryptocurrency had reached an intraday low of $8,113, a fall of $933 or 10.3% in under six hours.

Bitcoin price chart volatile

Since there was no major negative Bitcoin news yesterday, most market observers are blaming this huge drop on profit-taking by some traders. Since that 10% fall, the BTC price has recovered slightly; at press time (07:30 UTC on May 31), BTC is trading at $8,256, down 5.15% in the past 24-hour period. 

As usual, Bitcoin's price crash managed to drag down the prices of most major altcoins, with the prices of all top 20 (by market cap) cryptoassets currently in the red, with the notable exception of Cosmos (ATOM), which increased 7.59% (in the past 24-hour period).

Here is how some of the most popular cryptocurrencies have been affected:

  • Ether (ETH): $253.33 (-10.43%)
  • XRP: $0.415 (-10.07%)
  • Bitcoin Cash (BCH): $420.32 (-10.63%)
  • EOS: $7.35 (-8.86%)
  • Litecoin (LTC): $105.95 (-8.94%)
  • Binance Coin (BNB): $31.07 (-8.37%)

EOS Price Doesn't Enjoy the 'Coinbase Effect' After Listing Announcement

Whilst the Bitcoin price was garnering attention, Coinbase tweeted that it had decided to add EOS to all of its retail/consumer trading platforms - the Coinbase.com website and the Coinbase mobile apps for iOS and Android. Perhaps, due to the volatile markets, EOS didn't enjoy the classic 'Coinbase effect' whereby assets that are listed on the exchange enjoy price rallies, on average around 11% after the first hour of the listing announcement being made according to CryptoCompare research as shown in the chart below. However, it should be noted that a small bump up in price was expected this time since Coinbase had already added EOS to Coinbase Pro, its trading platform for professional/experienced traders, on April 8.

The Coinbase Effect from CryptoCompare Reserach

 

Comments From the Crypto Community on Twitter

Crypto Trader/investor Josh Rager had this to say about Bitcoin's rise to and fall from the $9K level:

Mati Greenspan, Senior Market Analyst at social trading/investing platform eToro, had this comment for fans of technical analysis:

 

Featured Image Credit: Photo via Pixabay.com