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Bitcoin Dropped 9.93% in One Hour Yesterday

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May 11, 2020 | 

805 Views | 

Dan Mitchell | 

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In the midst of the imminent Bitcoin halving event: the cryptocurrency market delivered surprising and disappointing news yesterday (May 10, 2020), as Bitcoin suffered a crash in value and market cap which was most severe between the hours of 00:29AM and 1:44AM (UTC+1).

Bitcoin’ price and market cap both started to exhibit negative volatility as early as the evening of May 9, 2020. Over the course of five hours, between the hours of 18:59PM and 23:59PM (UTC+1), the market cap of Bitcoin changed by -1.25% (-$2.24 million) and the token value by -1.26% (-122.59). 

This decline in value was followed by an outage in services for popular exchange Coinbase at around 00:29AM on May 10, 2020 - when the value and market cap of Bitcoin decreased at a faster rate.

Between 00:29AM and 01:44AM on May 10, 2020 (UTC+1), Bitcoin dropped in value sharply: by -9.93% (-$17.57 million) market cap and -9.93% token value (-$956) in just an hour and a half.

It is difficult to conclude the exact causal nature between the outage on Coinbase and the subsequent sharp drop in value, however the correlation is cear. Furthermore, we can assume that the fall in value overall had some influence on the outage of Coinbase’s services, with a high likelihood that it was overloaded by users attempting to access and sell (or purchase) tokens during this period of high volatility.

This wouldn’t be the first outage to affect Coinbase during a time of high volatility either, with the last time being during the most recent Bitcoin price rally: on April 29, 2020 between 5:59AM and 6:59AM on April 30, 2020. Over the course of this single hour: Bitcoin’s value rose by +19.75% (+$1545.74) and its market cap by +19.77% (+$28.38).

An Unexpected Fall In Value

The drop in value is surprising and uncharacteristic when considering not only Bitcoin’s recent market performance (a steady positive trajectory), but also the trends preceding the last Bitcoin halving in 2016 as well as the recent 2019 Litecoin halving. For example: this year overall, Bitcoin has enjoyed a slow and steady rise in value (+115.53%, or +$5327.01) and market cap (+114.40%, or +$98.3 million), between March 16 and May 8, 2019

The previous (second) Bitcoin halving: took place on July 9, 2016, which saw the token value and market cap increase significantly before the halving. It dipped shortly following the halving, before enjoying a slow and steady rise through the rest of the year.

Since the recent drop however, the value of Bitcoin has begun to slowly appreciate - a trend which we hope to continue (at least) up until the halving event...

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.

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