Bitcoin (BTC), Ethereum, and other digital assets have just seen its craziest hour of price action since the weekend, during which the cryptocurrency market rallied by 20%, if not more. For those who missed the memo, or haven’t checked the charts or Crypto Twitter in a hot second, Bitcoin collapsed by over 15% in minutes on Bitstamp, falling from $7,800 to $6,200. Other digital assets, like (ETH) and XRP, followed.
Interestingly, however, most of the downturn was contained to Bitstamp, a Europe-centric exchange, as there existed a $500 to $600 spread between its BTC/USD pair and the same pair on Coinbase. BTC has recovered to $7,300 and has traded within a tight range. This move has led some to claim that altcoins could soon scale back, pulling back further as the leading cryptocurrency sees further weakness.