The Bears Have Awoken; Bitcoin Plummets $400 in 60 Minutes, Ethereum Down 10%

Just when we were thinking that a steady recovery was in motion the bears have awoken again sending Bitcoin and its brethren south, fast.

Did CNBC Just Jinx The Recovery?

At 11.00 GMT BTC took a dive that shaved almost $400 off its price in just an hour. At the moment it is trading 4% down from its levels this time yesterday and it does not seem to have reached the bottom. Currently at $7,030 Bitcoin has fallen from its monthly high of just below $7,400.

BTC has lost all gains in September in a matter of minutes and is dropping back to last week’s price levels. Exchanges BitForex and BitMEX are taking 50% of the current volume which is increasing with the selloff.

Predictably Ethereum has suffered a larger loss with a 10% crash at the time of writing down to $258, its lowest level since the August 14 big dip of the year. The BitForex exchange is again responsible for the largest volume.

Altcoins are bleeding for the first time in three weeks according to Coinmarketcap. Double digit daily losses are currently being recorded by XRP, Bitcoin Cash, EOS, Iota, Ethereum Classic, and VeChain. Only Bitcoin Diamond is defying the drop with an epic 130% pump that could well be manipulated.

The rally may have been jinxed once again by CNBC with its Fast Money counter trade angle talking up the recovery and getting things completely wrong once again;

#Bitcoin rallying today, and @jimiuorio has a target near one-month highs. pic.twitter.com/iYnLDjpdvg — CNBC Futures Now (@CNBCFuturesNow) September 4, 2018

Total crypto volume has shrunk by 5.5% in about an hour as $13 billion has just been dumped out of digital currencies. The bears have awoken and the recovery looks to be over … for now.