NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

2020 Gains Wiped as Bitcoin Crashes below $5,600

Yashu Gola
Yashu Gola
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin crashed within minutes to erase all the gains it made heading into the year 2020.

The benchmark cryptocurrency plunged to $5,578 on Coinbase for the first time since May 2019. The move downhill led its market cap down by about 30 percent to $117 billion, logging one of the biggest declines ever recorded since its inception in 2009. At BTC’s intraday high, the valuation was $134.7 billion.

bitcoin, cryptocurrency, crypto
Bitcoin down 30 percent in just 30 minutes | Source: TradingView.com, Coinbase

The latest data revealed that the plunge came shortly after the derivatives platform BitMEX liquidated $680 million worth of XBT/USD long positions. The spillover led traders on all the crypto exchanges to panic-sell their spot positions, with data portal CryptoCompare showing the average execution of 11,000 trades every second.

https://twitter.com/CryptoCompare/status/1238058339860451328

The panic was the same elsewhere in the cryptocurrency market. BTC’s 30-minute meltdown led its rival altcoins to erase up to $23 billion off the overall market, with the second-largest Ethereum tanking 30 percent. Follow up tokens, including Ripple’s XRP, Bitcoin Cash’s BCH, and Bitcoin SV’s BSV too fell in the range of 29 to 32 percent.

Bitcoin No Longer “Digital Gold”

Peter Schiff, the CEO of Euro Pacific Capital, said the air is coming out of the bitcoin bubble, iterating that the cryptocurrency didn’t behave as a safe-haven asset as promised against the rising Coronavirus pandemic.

“As Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year,” Schiff noted. “Gold is still up about 8% YTD, while BTC is down by about 10%, and falling fast. Bitcoin is not living up to the hype that its digital gold.”

bitcoin, gold
Gold, Bitcoin Volatility Divergence, Convergence | Source: Bloomberg Intelligence

On the other hand, senior commodity strategist at Bloomberg Intelligence, noted that both bitcoin and gold were victims of a global sell-0ff trend that saw the US stock markets decline to record lows. He called the cryptocurrency’s downtrend a temporary move.

“Bitcoin and gold-price pressure caused by a rapidly declining stock market will prove temporary, as the quasi-currency companions should regain momentum once one of the swiftest declines in S&P 500 history subsides. The Bitcoin trend is toward gold-like price action,” the analyst wrote.

He further added that the stock market’s volatility would serve as a headwind for the rest of the commodity markets.

Tweet123Share266ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

Grammy‑winning artist Drake has just put out a new track called What Did I Miss? that makes a clear link between...

Christian Encila 8 hours ago
Bitcoin

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

Bitcoin started the month of July with a convincing rally to the upside, suggesting a sustained bullish sentiment amongst investors...

Opeyemi Sule 10 hours ago
Bitcoin

Bitcoin Must Hold $106,000 And $98,000 To Avoid Breakdown

Bitcoin is currently holding just above the $108,000 level and bulls are maintaining momentum after a volatile start to July....

Scott Matherson 11 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

XRP Eyes Breakout As Analysts Predict Rally Alongside Real-World Adoption

Scott Matherson 2 hours ago
Ethereum

Ethereum Ready For Explosive Breakout: $5,791 The Minimum Target–Analyst

Scott Matherson 5 hours ago
Bitcoin

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

Opeyemi Sule 7 hours ago

Premium Sponsors

Press Releases

  • Make $8,000 a day in stable passive income easily –...

    7 hours ago
  • SunnyMining——A passive income tool that allows ordinary...

    8 hours ago
  • Cryptocurrency is the best way to get rich quickly, easily...

    23 hours ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    1 day ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.