News Bitcoin drops to more than three-month low, briefly trades...

Bitcoin drops to more than three-month low, briefly trades below $8,000

-

- Advertisment -

NEW YORK (Reuters) – Bitcoin dropped around 15% against the U.S. dollar in late trading on Tuesday, hitting a 3-1/2-month low, with some analysts ascribing the weakness to investors’ lukewarm reception to the launch of Bakkt’s bitcoin futures on Monday.

Bakkt, a cryptocurrency platform affiliated with the Intercontinental Exchange Inc (ICE.N), listed the new Bakkt Bitcoin futures contracts on Monday. But volume was underwhelming, analysts said.

ICE is owned by the New York Stock Exchange.

The largest cryptocurrency by market capitalization was last down 12.86% at $8,436. Earlier, it hit $7,998 BTC=BTSP, the lowest since mid-June.

Bitcoin has been on a downtrend in recent weeks. Since early August, it has plunged about 35%.

Some market participants said bitcoin’s fall was partly due to technical factors, noting that the digital currency has been trading in a descending triangle, a bearish signal.

Bakkt futures not having taken off as expected also does not help, analysts said, even though it is still early. Bakkt was one of the main catalysts cited for bitcoin’s massive bull run earlier in the year.

“So what we’ve got here is a classic case of buying the rumor and selling the news,” Mati Greenspan, senior market analyst at social trading platform eToro, said in a note.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Blockchain, Bitcoin, and Mashed Potatoes

According to studies, over the next 5 years, many of the major supermarkets are expected to...

Different Facets of Biometric Authentication and How They Are Making A Difference in The Financial Sector

When we think of authentication in the true sense, then we find ourselves amid the different proven...

UNICEF’s 125 ETH Investment Took Less Than 20 Minutes and Cost Less Than $20

"The digital world is coming to us faster than we could have imagined," said UNICEF chief Chris...

Analysis: Is Bitcoin (BTC) Still Viewed As A Dark Web Currency?

There is a long past of Bitcoin (BTC) – due to its anonymity – being used in...
- Advertisement -Bitcoin drops to more than three-month low, briefly trades below $8,000

A Beginner’s Guide to Day Trading Crypto

Much of the activity that comes from the crypto-space originates from the crypto-trading community. Buying and selling...

1/3 of Institutional Investors Have Cryptocurrency Placements

What the research by Fidelity Investments shows. In the US and Europe, 36% of...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you