Bitcoin price falls by $1,600 just before BTC halving on May 12, 2020
Pre-halving dump, with the Bitcoin BTC price which fell by 1600 dollars in a few minutes!
A dump before the Bitcoin halving on May 12, 2020, in just two days.
An unexpected correction for traders, many of whom had bet on a retracement towards $9,500, but end up with a nice crash for the BTC price, two days before the event of the year for the number 1 crytocurrency on the market.
Bitcoin’s halving is not far away, remains to be seen if the BTC price stabilizes at this price level and starts rising again in the final stretch leading to the halving on May 12, 2020.
A Bitcoin price currently around $8,704 currently.
This BTC price crash also takes place on a Sunday, a day when many trading professionals are not working, leaving room for other players who may want to influence the BTC price more freely, by manipulating a market where a few million dollars can make move the price of Bitcoin or other cryptocurrencies.
If the Bitcoin price goes down, the altcoins go down too!
The other cryptocurrencies thus took dear with this significant fall in the BTC price.
The BAT price drops 18% to $0.19.
The Ripple XRP price at $0.19, down 12%.
The Ethereum price at $185, down 13%.
The Litecoin price at $41.7, down almost 14%!
The NEO price at $9.88.
Cardano ADA price down 12% to $0.046.
The Link price held up well with a 5% drop to $3.63.
Tezos XTZ price -8% at $2.52.
See all the cryptocurrencies prices at bitcoincryptoadvice.com/cryptocurrency-prices.
A bloodbath therefore for the crypto market, whether for the Bitcoin price or the price of altcoins which could only follow BTC in its fall.
Events like the Bitcoin price crashing can happen when you sleep.
Hence the importance of a setting stop loss in order to sell Bitcoin if its price collapses in order to preserve your capital.
The use of a Bitcoin bot or crypto trading bot also makes it possible to cope with this type of event.
A trading bot like a Binance bot keeps an eye on the market and prices when you’re asleep or busy.
The crypto markets operate 24 hours a day, 7 days a week!
Example of an effective stop loss with a Bitcoin trading bot that we had already reviewed in an article concerning the reaction of a crypto trading bot during a stock market crash.
The Gekko Bot strategy, available on the Kryll marketplace, effectively sold Bitcoin BTC in anticipation of a bigger drop.
The automated trading strategy detected a sharp drop in the BTC price and decided to sell everything in order to secure the trader’s capital.
See our selection and review of the best crypto trading bots 2020: click here.
A very volatile Bitcoin price on this eve of halving, so there are 2 days before the date of this event and see if the Bitcoin price will recover from this nice surprise fall which certainly triggered stop losses and liquidated many traders positions.