by Alexander Romero 
The awakening is difficult for the crypto community which discovers a flash crash of the Bitcoin price which, after passing the 12,000 dollar mark this morning, fell from 12,123 to 10,518 dollars on Binance.
Bitcoin’s price is currently around $11,300 after this Bitcoin flash crash.
A fall of 1500 dollars in a few minutes as the BTC price knows how to do, which remains a very volatile and speculative asset!
Who says fall in the price of Bitcoin, says fall of altcoins which could only follow the rapid descent of the Bitcoin price.
The Ethereum price has fallen from 415 to 325 dollars and is currently stabilizing around 370 dollars.
The Ripple XRP price, which had also risen a lot, fell from 0.32 to 0.24 dollars! The XRP price currently around $0.28.
The Link price has gone from $8.44 to $6.87 and is currently at $7.65.
Litecoin LTC price fell from 65 to 51 dollars!
Altcoins as a whole see the same price drops, the BTC price leads the cryptocurrency market, you can see the cryptocurrency prices in real time on our dedicated page: click here.
Dropping the Bitcoin BTC price by more than $1,500 is roughly equivalent to liquidating $1 billion of capitalization in Bitcoin tokens.
Sundays and weekends are also known to be times of the week when the Bitcoin price can have significant variations as many market participants are not working and leave room for other participants who can take advantage of these days and time off to play with the BTC price.
Still, these are events that happen regularly in a young and speculative market like Bitcoin.
Protect yourself from falling Bitcoin prices with a stop loss or a crypto trading bot
The best way to protect yourself is to have a stop loss activated on your crypto account in order to sell your BTC or other cryptocurrencies in the event of a sharp drop in the Bitcoin price.
A bitcoin robot or a crypto trading bot can also avoid unpleasant surprises while you sleep.
The Bitcoin trading bot indeed monitors the markets and the price of Bitcoin overnight, so it can sell Bitcoin if its price drops abnormally as we have seen with the Maya trading strategy on the Kryll marketplace.
The Maya Automated Crypto Trading Strategy detected an abnormal price drop and sold Ethereum as the screenshot shows below.
Whether for bitcoin or other cryptocurrencies (Ethereum, Ripple, Link, Tezos, …), a robot trader never sleeps and places buy or sell orders automatically 24 hours a day.
A Bitcoin price which therefore took a slap and surprised the crypto community on Sunday, August 2, 2020.
It now remains to be seen, after this rebound in the BTC price to $11,300, whether the price of bitcoin will remain at this level and go up or go down lower eventually.
We will have to wait for the weekly close today in order to learn more about what to do next regarding the Bitcoin price which sets the direction for the entire cryptocurrency market.
