Bitcoin Price Fails to Hold Recovery Signs to Drop Below $7.9K
Bitcoin dips below $7,900 after the coin touched four-month lows on Sept. 24.
Market visualization. Source: Coin360
Lowest levels since spring
Bitcoin entered rough volatility this week after the largest cryptocurrency crashed $1,500 in 24 hours on Tuesday to touch the $8,000 threshold. After seeing signs of recovery earlier today, Bitcoin has seen another sharp sell-off, from an intraday high of around $8,600 to as low as $7,830 at press time, according to Coin360.
Bitcoin is down 5.3% over the past 24 hours at press time, seeing a massive drop of more than 21% over the past 7 days.
According to Bloomberg data, Bitcoin dropped 9% to trade as low as $7,736 in New York, which is the lowest price for the cryptocurrency since May 2019, according to their index.
Bitcoin 24-hour price chart. Source: Coin360
Total market capitalization continues to indicate new multi-month lows crypto markets, down from $218 billion at the beginning of the day to $209 billion at press time.
Impact of Bakkt’s new futures product
The new wave of red on crypto markets follows the launch of physical Bitcoin futures by institutional trading platform Bakkt on Sunday, Sept. 22. Earlier today, Cointelegraph reported on new research suggesting that futures settlement dates end up manipulating the Bitcoin price. Specifically, CME Group’s Bitcoin futures settlement dates negatively impacted BTC markets, according to Arcane Research, which reportedly found that Bitcoin fell in 75% of the times right away before CME issued payouts in a period between January 2018 to August 2019.