ICO (1)

BTC plunges by more than $1,000 reaching the $8,000 position in less than an hour and the price is currently hovering between the $8,500 and $9,000 levels. The price declined by 13 percent in the past 24-hours and the current daily low as per the altcoin news is recorded at $7,998 which is the lowest price of Bitcoin since June this year as reported in the previous news reports.

The altcoins are also losing their value including EOS which is down by 30 percent against the USD and all of this comes only one day after the most anticipated event of the year- the launch of the Bakkt Bitcoin Futures platform. BTC plunges in less than an hour and the latest decline represents a drop of more than 14 percent so the question is whether the pain will stop. Currently, Bitcoin is trading above $8,400 as over $600 million worth of BTC was liquidated on the popular margin trading platform BitMEX.

As seen on the charts, the move was very sudden and caused the entire market cap of Bitcoin to fall to around $180 billion. The dominance rate, however, is holding a strong position and it even increased slightly to $68.9 percent. What’s even more interesting is the fact that the altcoins are bleeding much more than Bitcoin is at the moment. They failed to capitalize on the sudden drop and they also decreased in value dramatically. The entire market is in the red and some of the altcoins are going to have a harder time with the USD. The drop is not just against the USD since all of the large-cap altcoins are suffering as well.

EOS, for example, is down by 17 percent against BTC, Bitcoin Cash is down by 15 percent, Bitcoin SV is down by 24 percent and BNB is down by 4 percent against Bitcoin. One of the biggest signs of pressure on the market is Tether’s position. The popular and controversial stablecoin became the fourth largest cryptocurrency in terms of market capitalization. It is hard to determine the right reason for the drop and it is safe to say that Bakkt’s underwhelming volume could be a part of it as per the latest cryptocurrency news.