Bitcoin Plunges By $2000 in 5 Minutes

On March 31, Bitcoin (BTC) plunged over $2,000 in five minutes as a surge of uncertainty broke an otherwise calm market. Long traders had a nightmare on Wednesday, as BTC/USD fell from $59,350 to $57,000, according to Cointelegraph Markets Pro and Tradingview.

Day traders had previously concentrated on the upside after news from PayPal triggered a run-up to just under $60,000.

According to data firm Nomics, the global market cap of cryptocurrency increased by 2.4 percent overnight, bringing it to $1.92 trillion. It was floating just below $60,000 in early European trading, up 2.5 percent. Bitcoin, on the other hand, has dropped $2,000 in minutes and is still falling at the time of writing this post.

Ethereum had also been increasing, but it is now rapidly declining. Those betting on the bull run to continue lost big on Wednesday, as the downturn liquidated long positions worth $600 million, part of a $1 billion overall wipeout in 24 hours.

The longer-term outlook is still optimistic, with analysts forecasting that $68,000 and $73,000 will be the next big obstacles to conquer.

Blockstream, the bitcoin development company, is introducing a bitcoin-redeemable token tied to the company's bitcoin-mining output.

The Irish police (Garda) are looking into an alleged "massive scam" in which the perpetrators duped high-net-worth individuals into investing large sums of money in Bitcoin before seizing their wallets.