Even though the cryptosphere seems to be preparing in earnest for the upcoming Bitcoin halving, the asset itself is still fluctuating. Bitcoin has performed satisfactorily since the beginning of the year. However, hours ago, it crashed unexpectedly and lost about $600 in under a few minutes.
Bitcoin’s price movement, as the largest crypto by market cap, sometimes reflects on the rest of the market. As it crashed, at least 15 of the market’s largest digital assets also crashed. Most of them lost about 5% of their weight.
In total, Bitcoin lost $800 in under an hour. Reportedly, as it plunged, over $100 million worth of long contract positions on BITMEX exchange was cleared. Bitfinex also felt the experience as the number of positions on its platform also crashed.
In the same period, at least 7 of the market’s largest digital assets plunged. Some of them lost up to 8% following BTC’s crash.
Both Chainlink (LINK) and Tezos (XTZ) have performed much better than BTC this year. Of the market’s largest coins, they are the only ones to have done better than BTC following the crash. XTZ did seem to shrug off BTC’s failure and increased more than 4%.
For a while now, there has been some correlation between Tether’s USDT and BTC. This correlation is suspected to have played out again because a fresh $60 million batch of USDT was produced recently.
Image Credits: Pixabay
