Bitcoin Sees Largest Hourly Drop Since FTX Collapse: Santiment Data
By Benzinga
Bitcoin (CRYPTO: BTC) lost 5% within only an hour late on Thursday due to the panic surrounding Silvergate Capital (NASDAQ:SI) followed by an intensive sell-off in the crypto market.
What Happened: According to data analytics firm Santiment, it's been 4 months since Bitcoin saw a 5% or more drop in a single hour. With this streak broken, the recovery of Bitcoin will largely depend on how fearful the market is feeling in the aftermath.
Data from CoinGlass shows that $76 million BTC has been liquidated in the last four hours.
Santiment called the one-hour drop the largest since the FTX collapse. The data analytics firm's social tracker said on Twitter, Discord, Reddit and Telegram displayed mild buy-dip sentiment but nothing revealing panic yet.
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It's been 4 months since #Bitcoin dropped 5% or more in a single hour. But as of an hour ago (1am-2am UTC), we saw this streak get broken. A quick recovery will be dependent on how much worry the crowd shows, allowing whales to scoop weak-handed coins. https://t.co/rDqnHuU8y7 pic.twitter.com/D0L5FNsN9o
— Santiment (@santimentfeed) March 3, 2023
“A quick recovery will be dependent on how much worry the crowd shows, allowing whales to scoop weak-handed coins,” Santiment added.
Price Action: At the time of writing, BTC was trading at $22,345, down 5% in the last 24 hours, according to Benzinga Pro.
