The price of bitcoin fell by USD600 in just 30 minutes to take its value below USD10,000. The flash crash resulted in around USD10 billion being wiped from the cryptocurrency’s overall value and has called into question positive price predictions.
In the hours following the flash crash, which took place on Wednesday night, the price of bitcoin continued to fall steadily and is currently trading at around USD9,500.
Bitcoin’s price remains far above the point it started the year, when it was trading below USD4,000. But it is a long way off its record price of USD20,000 in late 2017.
The cryptocurrency’s notorious price volatility has seen its value fluctuate between USD9,000 and USD13,000 in recent months, though it was experiencing a relative period of stability before the most recent fall.
According to Nigel Green, the chief executive officer of financial advisory firm deVere Group, it is only a matter of time until bitcoin returns above this level.
“Looking at its performance this year, I believe that the new normal bottom price for bitcoin is USD10,000… Cryptocurrencies and particularly bitcoin, are increasingly part of mainstream finance. There is increasing global acceptance that cryptocurrencies are not only the future of money, but increasingly the money of today” he said.