Bitcoin price CRASHES wiping hundreds of billions from global cryptocurrency markets

BITCOIN’S value crashed on Wednesday, sending crypto traders into panic.

The cryptocurrency dropped by thousands of dollars in just a few minutes early on Wednesday morning in what’s known as a flash crash.

It’s now trading at around $59,000, down more than $5,000 from the levels it was trading earlier this week.

The drop has wiped hundreds of billions from global cryptocurrency markets.

It’s led to a drop in the prices of a number of other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana and Ripple.

It comes a week after Bitcoin hit a new all-time high of close to $67,000.

Today’s crash is partly driven by long-term holders selling at a high to take home profits, according to blockchain data. That’s typical following a price spike.

However, the slump is expected to trigger a wave of new buyers tempted by the sudden dip in price.

More to follow…

---

We pay for your stories! Do you have a story for The Sun Online Tech & Science team? Email us at tech@the-sun.co.uk

---