Bitcoin Price Suddenly Plummets to $7,500 — A New 5-Month Low

Bitcoin (BTC) crashed $500 in minutes on Oct. 23 after a sudden jolt sent markets tumbling to fresh lows.

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Cryptocurrency market daily overview. Source: Coin360

Bitcoin firmly ditches $8K range

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Bitcoin seven-day price chart. Source: Coin360

The reasons for the dip are yet to become clear, but the volatility upends the most recent period of flat performance for Bitcoin.

The move may have been preempted. As Cointelegraph reported, on Tuesday, BTC/USD saw rejection at $8,300 after attempting to push higher, temporarily returning to the $7Ks before a rebound.

Those gains have now firmly disappeared, Bitcoin marking a floor not seen since mid-May.

The level at which BTC/USD bounced firmly tied in with predicted support at the 200-day moving average. Cointelegraph contributor Michaël van der Poppe had previously estimated the $7,400 level would catch further downside.

Altcoins follow with 8% losses

The total cryptocurrency market cap also shed considerable value, dropping from $218 billion to $208 billion.

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