Bitcoin Hits New High of $30K, Then Drops by $3K Amid False News

The largest cryptocurrency smashed a new record high of $30k, then plummets by $3k in one day due to fake news.

Bitcoin experienced a wild ride yesterday, reaching a new high of $30,000 before plunging by $3,000 in a matter of hours.

The primary cryptocurrency is known for its unpredictable price movements, which is why yesterday's volatility was not entirely surprising. This is because the asset had been trading in a narrow range between $27,000 and $28,000 for several days.

However, the trend changed when the buyers took over and drove BTC up sharply. In one day, it soared to $30,000, wiping out over $100 million in shorts. However, false news came out at this point claiming that wallets linked to the US government and Mt. Gox creditors have started selling their Bitcoin. The impact was immediate as BTC dropped to $27,200. As the reports were debunked, Bitcoin bounced back and regained about $2,000.

The current Bitcoin price is $28.883,07, down 3,00% in the last 24 hours with a 24-hour trading volume of $31.563.896.538 and a current market cap of $559.106.051.243.

Most altcoins also saw similar volatility and have now settled slightly lower than before. The surge yesterday pushed ETH from $1,800 to almost $2,000, but the later decline dragged it back down to the former. Now that things have calmed down, at least for now, the second-largest crypto trades at $1,900. Cardano is the only bigger-cap alt well in the green on a daily scale, having risen by 3%. In contrast, Binance Coin, Ripple, Dogecoin, Polygon, Solana, Polkadot, Litecoin, and Shiba Inu are with minor losses. Yesterday’s top performer Cronos (CRO) - following a partnership with Amazon – has today fallen by over 5% but still stands above $0.07.

The total crypto market cap now remains at almost $1.2 trillion, despite going up and down by roughly $50 billion.