Bitcoin has seen an absurd amount of intraday volatility over the past day amid the best price action in many months. The <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin currently trades for $12,900, a few hundred dollars shy of the daily and year-to-date high set just minutes ago at $13,250.
Bitcoin plunged as low as $12,600 on futures platforms during that move lower. That meant from the daily highs, the cryptocurrency retraced $600.
This volatility is expected as the cryptocurrency remains up around 9% in the past 24 hours, or over $1,000. Analysts are taking note of Bitcoin’s recent price action after the news was published that PayPal will be supporting cryptocurrencies in its app and within Venmo.
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Bitcoin Sees Rapid Intraday Volatility
Bitcoin’s $600 crash in the span of about six minutes has been expected by many analysts. With many being caught off guard by this move, it’s no surprise there’s a lot of movement under the hood.
No data has been published yet about the anatomy of this crash, though some have suggested it was a series of cascading longs on futures exchanges. Many crypto traders have publicly longed this move higher, suggesting some may