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Bitcoin price crashes below $9,000 ahead of halving

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Today, May 10, the price of the first cryptocurrency suddenly fell below $9,000, breaking the uptrend.

The chart below shows that a sharp decline in prices was accompanied by a significant surge in trading volumes:

Source: Bitstamp four-hour BTC/USD chart

In just 30 minutes, the price of BTC fell by 10%. Against the backdrop of what is happening, Coinbase went offline for a short while.

According to Rek.to, the volume of liquidations on the popular BitMEX crypto-derivative exchange against the backdrop of a collapse in prices almost reached $300 million.

A sharp drop in the price of BTC occurred on the eve of the halving of the block reward, to which less than two days remained.

As expected the first cryptocurrency pulled down the rest of the market.

As can be seen in the screenshot, the vast majority of crypto assets dipped by more than 10% in the last 24 hours.

The total market capitalization is around $236 billion, the BTC dominance index is 66.9%.

Opinions in the crypto community about the impact of the upcoming halving are mixed. So, early bitcoin investor Charlie Shrem is sure that halving the reward for the block mined by miners is a positive signal for digital gold, the effect of which, however, will not immediately appear.

The experts of the Santiment analytical platform, who recently predicted the sale of large players amid hyip around the halving, have a completely different opinion.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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