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International Business Times
International Business Times
Business
Marvie Basilan

Crypto Experts React To Bitcoin Crashing Below $55K – Is It A 'Scam Dip'?

Bitcoin Crypto Justin Sun Samson Mow HE Justin Sun United States Adam Back Mike Alfred Germany Blockstream
Bitcoin has crashed below $55,000, and the crypto market has apparently been shaken hard, with liquidations passing $600 million in the last 24 hours. (Credit: Bybit/flicker.com)

KEY POINTS

  • Over $681 million in crypto has been liquidated in the past 24 hours, with $BTC leading the way
  • $BTC was trading at $58,000 during the July 4th holiday before it plunged to start the day at the $54,000 lows
  • Samson Mow said the current plunge is a 'scam dip' and there is 'artificial price suppression' going on
  • Justin Sun has offered to purchase all of the German government's seized $BTC off-market

Bitcoin, the world's first decentralized cryptocurrency and the largest digital asset by market value, has crashed below $55,000, and experts in the crypto community have had a mix of wild, negative, hopeful, and defensive reactions to the coin's volatility play – some suggested something "artificial" is going on behind the scenes.

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