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Thursday, September 26 – Bitcoin (BTC) dropped below $ 7,800 after the coin hit its four-month low on September 24th.
Visualization of the market. Source: Coin360
The lowest levels since the spring
Bitcoin entered volatility this week after the biggest cryptocurrency crashed Tuesday at $ 1,500 in 24 hours to reach the $ 8,000 mark. After seeing signs of recovery earlier in the day, Bitcoin experienced another selloff, rising from an intraday peak of about $ 8,600 to $ 7,830 at press time, according to Coin360.
Bitcoin is down 5.3% in the last 24 hours at the time of publication, recording a massive drop of more than 21% in the last 7 days.
According to Bloomberg data, bitcoin fell 9% to $ 7,736 in New York, the lowest price for cryptocurrency since May 2019, according to their index.
Bitcoin graphic price over 24 hours. Source: Coin360
Total market capitalization continues to point to new crypto markets at their lowest level over several months, rising from $ 218 billion at the start of the day to $ 209 billion at the time of publication.
Impact of the new Bakkt futures product
The new wave of red in the cryptography markets follows the launch of physical Bitcoin futures by the Bakkt institutional trading platform on Sunday 22 September. Earlier in the day, Cointelegraph reported new research suggesting futures settlement dates could end up manipulating the price of Bitcoin. Specifically, settlement dates for the CME group's Bitcoin futures contracts have had a negative impact on BTC's markets, according to Arcane Research, which found that bitcoin had dropped in 75% of cases immediately before CME paid cash. payments between January 2018 and August 2019.
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