After a shaky past few days, Bitcoin has now seen its ever-weakening $10,000 support line be both tested and broken. When the $10,000 mark finally cracked last night—we saw an initial sell-off take Bitcoin to a low of $9,892.
After the initial dip, the price of Bitcoin rose back up to $10,280 before dipping below the mark again, down to $9,850. Despite the sharp drops, it spent less than one hour below $10,000.
It has since bounced back up to its current value of $10,100—a drop of 2% in the last 24 hours.
During the sell-off, $80 million was liquidated on BitMEX, according to DataMish. This also impacted the amount of open-interest on BitMEX—which represents the number of trades currently active on the platform—back under $1 billion, after it hit this milestone last week.
Looking across all major cryptocurrencies over the last 24 hours—it has been a sea of red—with only Litecoin making modest gains (0.9%) across the top 10 crypto projects.
One week ago, Bitcoin made it all the way up to $11,000. But in the last seven days, it has seen $15 billion wiped off its market cap, as it struggles to maintain any upward momentum.
Despite this, miners are continuing to ramp up efforts, sending Bitcoin’s hashrate to new highs. But with a falling price, that might soon hit a wall.