With less than 48 hours left until the halving, a major development occurred in the crypto market in the early hours of the day as leading coin Bitcoin plunged by more than $1500 within five minutes.
This sudden dip caused panic within the crypto markets with Coinbase going down temporarily due to the intense sell-off from investors. As expected the sudden dip by Bitcoin affected the entire market with most coins trading in the Red zone at the moment of writing.
Ethereum the second most traded crypto within the market suffered double digit losses with the coin currently trading for $189.98. This sentiment was further shared by all the coins in the top 10 rankings apart from stable coin Tether.
Overall, Basic Attention Token (BAT) led the negative chat with the privacy browser token losing 13.29% of its value in the last 24 hours.
Data shows crypto industry unfazed by current dip of Bitcoin
There was little panic among major whales despite the dip of Bit coin with data suggesting a surge in purchase of the leading coin. The highly anticipated halving has been suggested by key analysts as the event that could send BTC to the moon.
This could be the reason while the coin has rebounded slightly from 8,200 to its current price of $8712.45.
Recently the industry has been captivated with the statements of macro investing genius Paul Tudor Jones giving his approval of Bitcoin as an investment tool.
This has given many crypto investors the feeling of vindication regarding their trust in the volatile coin.
There have also been suggestions within the crypto industry that the public nature of Jones’ BTC endorsement could spark an increase in institutions purchasing the cryptocurrency.
Bitcoin has proven time and again its ability to bounce back from lows to record highs within a short period. Since it commands a market dominance of over 60% the post halving bullish run is expected to boost the overall value of the market.
The coming days will provide important insight towards the movement of the coin as market forces eagerly await the result of the halving.
