By now, crypto investors have become mentally prepared for the possibility of Bitcoin dropping suddenly and shedding billions of dollars in the process. However, at the back of their mind, many investors were confident that the $4,000 support level would hold strong and Bitcoin would use this level to bounce back. Well, Bitcoin has surprised us yet again and in just over an hour, the currency has shed $400 to trade below $4,000 for the first time since the beginning of August last year. In some markets such as Kraken and Bitstamp, the currency took a severe beating to trade at $3,600.
Just when you think you have figured out a bottom for Bitcoin, it surprises you. The top crypto shed $400 to drop from $4,200 to just below $3,800 in a very brutal one hour. On BitMEX, the largest Bitcoin market by trading volume, Bitcoin was trading at $3,657, with the price dropping by the minute. The other markets on which it was performing very dismally include Coinbase Pro at $3,660, Bitstamp at $3,665 and BCEX at $3,591.