Bitcoin Price Drops Sharply Below $10K, Marking New Weekly Low
The Bitcoin price has dropped sharply below $10,000, marking a new weekly low and sending the currency back to where it started the 30-day period.
The price of Bitcoin (BTC) has dropped dramatically today, falling by $600 at 6:00 p.m. UTC on Aug. 28.
In the course of an hour, the Bitcoin price sank from $10,269 to $9,630, but is currently attempting to stage a recovery. At press time, the coin is trading at $9,721.
Bitcoin price. Source: Coin360
Bitcoin’s current position marks a weekly low for the seminal cryptocurrency, after hitting a seven-day high of $10,791 on Aug. 20. On its 30-day chart, the coin is down to just above where it started at $9,519 on July 28.
The recent drop in price follows news that Bakkt — the much-anticipated Bitcoin futures platform — will let clients start depositing assets in its custodial offering Bakkt Warehouse on Sept. 6. Earlier this month, Bakkt announced that trading in its physically-delivered Bitcoin futures contracts would begin on Sept. 23.
Chicago Mercantile Exchange Group’s managing director Tim McCourt recently said that Bitcoin futures saw an average daily volume of $515 million in May 2019. On May 13, Bitcoin traded a record daily volume of 33,677 contracts, equivalent to over 168,000 BTC.