Bitcoin’s tremendous rally came to a screeching halt after profit-booking dragged the world’s leading cryptocurrency below $10,000 levels on February 20.
Bitcoin fell 5.32 percent to end the session at $9,602.45. It opened in the positive territory, but a 7.5 percent nosedive wiped off nearly $800 in 45 minutes. It recouped some losses but traded sideways for the rest of the session.
The fall also marks the comeback of bears as the flash crash came just one day after Bitcoin formed a golden cross on daily charts.
BULLISH: The #Bitcoin golden cross has officially happened!
The 50-day MA just crossed above the 200-day MA.
This is a sign that the momentum is shifting into bullish! pic.twitter.com/OOUC1JbnXY
Bitcoin had been on a raging rally this year. The top cryptocurrency had surged over 40 percent year-to-date, before yesterday’s fall. It is still the top-performing asset class of 2020, outperforming the likes of gold, crude, Nifty and rupee.
Other notable cryptocurrencies also bore the brunt of the massive crash. XRP (XRP), ether (ETH) and bitcoin cash (BCH) fell 5.5-8.1 percent over 24 hours, data collated by Coindesk shows.