The dreaded dip has hit the crypto world after weeks of obvious “success” in the market. “We knew this was bound to happen at some point after the tremendous hike, but I wasn’t expecting it this soon”, a Crypto trader & enthusiast posted on popular Forum Reddit.
Bitcoin is currently trading just above $7200 right now after peaking to above $8,400 earlier this week. The flagship coin lost about 10% in total price, as other cryptocurrency lost as well.
A lot of crypto watchers attributes the fall to the thousands of bitcoin sell orders on crypto exchange Bitstamp.
For instance, someone put a 5,000 BTC for sell on Bitstamp, that’s more than enough to shake the market. This further ascertains that the viability of crypto is flawed, if it can lose over 10% overnight in price.