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The market for bitcoins and cryptocurrencies has collapsed today, with a fall of more than 10% in the price of bitcoins –just after the tightly-monitored Bakkt encryption platform went online.
Bitcoin's main rivals, including likes Ethereum, Ripple's XRP, litecoin and bitcoin, all recorded even greater losses, from 15% to 22%.
The price of bitcoin, which had already fallen after the disappointing launch of Bakkt, fell further today, driving down Ethereum, litecoins, bitcoins and Ripple's XRP.
LightRocket via Getty Images
The sudden selloff, which wiped out $ 20 billion worth of Bitcoin and $ 5 billion from the combined value of the broader cryptography market, was reduced to nothing. Deaf reaction to the launch of Bakkt's highly anticipated Bakkt bitcoin and cryptocurrency platform.
Bitcoin liquidity was the main cause of the current economic slowdown, losing 22% of its value, 15% in Ethereum, 14% in Litecoin and 10% of Ripple's XRP.
Bakkt, an encryption and bitcoin platform backed by Intercontinental Exchange, went live on Sunday night after being unveiled last year. The computer giant, Microsoft, and the Starbucks coffee chain are among its partners.
Total trades on Bakkt's physical "bitcoin" physical futures, meaning that traders and investors are not able to sell more bitcoins than they actually did, went to 72 bitcoin at the end of the first day, against more than 5,000 bitcoins exchanged on the first day. CME cash settled futures contracts, launched at the top of bitcoin-mania in December 2017.
"Bakkt, disappointing, is opening up to the crypto community that institutions are less willing to invest in bitcoin on a large scale than supposed, which means that the price was probably too high and had to be corrected." said Alex Mashinsky, director of the crypto lending company. Celsius network.
the bitcoin price had climbed 200% this year as the likes of the social media giant Facebook and some of the world's largest technology companies have shown interest in bitcoin and crypto.
"What we have just seen are short sellers and traders on the move that only make things worse, and here we are back to support," Mashinsky added.
The price of bitcoin has fallen sharply today, reversing the wider cryptocurrency market, including Ethereum, litecoin, cash bitcoin and Ripple's XRP.
Coindesk
Some observers of the bitcoin and crypto market were more optimistic, citing Bakkt's widely telegraphed launch as the reason for Bitcoin's poor performance.
"It should be noted that the launch of these futures was one of the main stories that motivated the massive bull race early in the year, so here we have a classic case of rumor buying. selling information, "writes Mati Greenspan, eToro's Senior Market Analyst, in a note to customers.
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The bitcoin and cryptocurrency market has collapsed today, with prices falling by more than 10% just after production of Bakkt's crypto platform was tightly monitored.
Bitcoin's main rivals, including likes Ethereum, Ripple's XRP, litecoin and bitcoin, all recorded even greater losses, from 15% to 22%.
The price of bitcoin, which had already fallen after the disappointing launch of Bakkt, fell further today, driving down Ethereum, litecoins, bitcoins and Ripple's XRP.
LightRocket via Getty Images
The sudden selloff, which wiped out $ 20 billion from Bitcoin's value and $ 5 billion from the combined value of the broader cryptography market, was frustrated by the weak response to the launch of the much-anticipated Bakkt Bitcoin and Bakkt encryption.
Bitcoin liquidity was the main cause of the current economic slowdown, losing 22% of its value, 15% in Ethereum, 14% in Litecoin and 10% of Ripple's XRP.
Bakkt, an encryption and bitcoin platform backed by Intercontinental Exchange, went live on Sunday night after being unveiled last year. The computer giant, Microsoft, and the Starbucks coffee chain are among its partners.
Total trades on Bakkt's physical "bitcoin" physical futures, meaning that traders and investors are not able to sell more bitcoins than they actually did, went to 72 bitcoin at the end of the first day, against more than 5,000 bitcoins exchanged on the first day. CME cash settled forward contracts, launched at the height of bitcoin-mania in December 2017.
"Bakkt, disappointing, is opening up to the crypto community that institutions are less willing to invest in bitcoin on a large scale than supposed, which means that the price was probably too high and had to be corrected." said Alex Mashinsky, director of the crypto lending company. Celsius network.
The price of bitcoin had risen 200% this year as social media giant Facebook and some of the world's largest tech companies showed interest in bitcoin and crypto.
"What we have just seen are short sellers and traders on the move that only make things worse, and here we are back to support," Mashinsky added.
The price of bitcoin has fallen sharply today, reversing the wider cryptocurrency market, including Ethereum, litecoin, cash bitcoin and Ripple's XRP.
Coindesk
Some observers of the bitcoin and crypto market were more optimistic, citing Bakkt's widely telegraphed launch as the reason for Bitcoin's poor performance.
"It should be noted that the launch of these futures was one of the main stories that led to the huge bull race at the beginning of the year, so this is a classic case of buying the rumor and sales information, "writes Mati Greenspan, eToro's chief market analyst, in a note addressed to customers.