Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Solly Malatsi seeks out-of-court deal in TV migration fight

      15 July 2025

      South Africa’s telcos battle to monetise 5G as 4G suffices for most

      15 July 2025

      Major new electric car brand launching in South Africa

      15 July 2025

      MTN empowerment investors see ‘modest’ return as Zakhele Futhi winds up

      15 July 2025

      Eskom wants your solar system registered – but what does that actually mean?

      15 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Samsung’s bet on folding phones faces major test

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025
    • In-depth

      The 1940s visionary who imagined the Information Age

      14 July 2025

      MultiChoice is working on a wholesale overhaul of DStv

      10 July 2025

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025
    • TCS

      TCS+ | MVNX on the opportunities in South Africa’s booming MVNO market

      11 July 2025

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025
    • Opinion

      A smarter approach to digital transformation in ICT distribution

      15 July 2025

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Bitcoin plunges 17% overnight in massive crypto selloff

    Bitcoin plunges 17% overnight in massive crypto selloff

    By Agency Staff25 September 2019
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Cryptocurrencies steadied early in the Asia session on Wednesday after being whacked in American trading hours.

    Bitcoin fell 17% to as low as US$8 088 in New York on Tuesday, the biggest intraday drop since January 2018 and its first time below $9 000 since mid-June, before ending the day down 12%. So-called alternative coins also declined, with ether dropping 19% and litecoin off 18%.

    Bitcoin was flat at $8 570.96 as of 7.44am in Hong Kong on Wednesday.

    Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self-fulfilling prophecies

    As often is the case with digital assets, multiple reasons are being cited by traders for the decline, from the lacklustre introduction of one-day bitcoin deliverable futures on Monday to a general risk-off atmosphere with US equity markets taking a downturn Tuesday afternoon.

    “Price action is being driven by short-term technical analysis right now, as every low price that bitcoin has bounced off of, and every high price that has been reached has proven to be resistance,” Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies, said in an e-mail. “Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self-fulfilling prophecies.”

    Bitcoin’s slide came even with Intercontinental Exchange’s introduction of future contracts that settle in the digital currency for the first time by a US federally regulated exchange. ICE’s Bakkt venture issued 113 one-day contracts on Tuesday.

    ‘Unrealistic’

    “There was certainly some letdown from Bakkt’s ‘disappointing’ start, but those expectations were unrealistic,” Dorman said. “It’s far better for Bakkt to start slow, on board customers and show growth over time than to come out guns blazing and then fall flat two months later.”

    The move also meant bitcoin closed below its 100-day moving average for the first time since March. Through April, May and June, the coin went nearly parabolic with an upward run that took it as high as $13 852. It had been hovering around the $10 000 level in recent weeks.

    Galaxy Digital noted in a trading update on Tuesday that levered long speculators “were caught offsides” by the day’s sharp move.

    “BTC/USD open interest on major levered exchanges hovered around $1-billion before the selloff,” the Galaxy note said. “Roughly $500-million of those positions were liquidated in the selloff, with $250-million adding new positions.”  — Reported by Olga Kharif, (c) 2019 Bloomberg LP



    Bitcoin top
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleWhat you need to know about migrating to Windows Server 2019
    Next Article Consumers likely to shun 2019’s top-end iPhone models, analysts say

    Related Posts

    Bitcoin pushes higher into record territory

    10 July 2025

    Burning millions on the blockchain: how hackers used bitcoin to send a message

    30 June 2025

    Crypto shakeout: bitcoin soars, altcoins crater

    30 June 2025
    Company News

    Mental wellness at scale: how Mac fuels October Health’s mission

    15 July 2025

    Banking on LEO: Q-KON transforms financial services connectivity

    14 July 2025

    The future of business calling: Voys brings your landline to the cloud

    14 July 2025
    Opinion

    A smarter approach to digital transformation in ICT distribution

    15 July 2025

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.