The bitcoin rate again surprised investors with an unexpected rapid drop of more than $ 1000. As a result, the price dropped below $ 8,500, the lowest level since June 14..
During a large sale yesterday, after 21:40 Moscow time, the BTC rate fell by $ 800 in just 10 minutes, and even touched the $ 8000 mark over the next hour. However, the situation quickly stabilized and the bulls managed to raise the price by $ 500. At the time of publication, bitcoin is trading at $ 8547.
In the last 24 hours the exchange rate decreased by 12.79%, and capitalization decreased by $ 17 billion.
On the price chart, the course is approaching the 200-day moving average and a move below $ 8282 will mark the beginning of a bearish phase. Such proximity threatens a repeat of last year’s collapse and a new crypto winter.
Analysts link weakening of the market with the recent quiet launch of Bakkt’s deliverable bitcoin futures, the news of this has spurred the market, but the platform’s opening has yet to meet investor expectations.
Some traders believe that the initial fall was accelerated by the massive liquidation of high leverage contracts on Bitmex. In order to avoid huge losses on margin, investors with long positions began to hurry out of them..
Bitcoin Fighting $8,500 – Take Off ?
The fall in bitcoin caused an even larger crash in the altcoin markets, most of which lost 15-20%. In total, over the past 24 hours, the total capitalization of the crypto market decreased by $ 34 billion.
Ethereum (ETH) fell 15.48% to $ 170, but XRP was more resilient and fell 11.08% to $ 0.241. Bitcoin Cash (BCH), Litecoin (LTC) and EOS Sank 22.65%, 15.47% and 22.46% in the Last 24 Hours, respectively.
text: Ivan Malichenko, photo: twimg, charts: CoinMarketCap, TradingView