Bakkt Nightmare: Bitcoin Plunges Over $1,500 Back To $8,000

Bitcoin has lost more than $1,000 in less than an hour. Its price is currently hovering above $8,000 as the cryptocurrency marks a decrease upwards of 13% in the past 24 hours. Altcoins are also bleeding heavily as some such EOS are down 30% against the USD. All of this comes only a day after what was thought to be the most anticipated event in the past year – the launch of Bakkt’s Bitcoin futures trading platform.

Bitcoin Down $1,500 in Less Than an Hour

Bitcoin marks a violent plunge, losing upwards of $1,500 in less than an hour. The decline represents around 14 percent of its price at the time of this writing but the question is if the pain will stop.

Currently, Bitcoin is trading at slightly above $8,300 as over $600 million have been liquidated on the popular margin trading exchange BitMEX.

BTC/USD. Source: TradingView

As seen on the chart, the move was sudden and it also caused Bitcoin’s market cap to drop to around $180 billion. Bitcoin’s dominance, however, is holding strong and has even increased slightly during the latest plunge as it now stands at 68.9%.

Altcoins Bleed Even More

What’s perhaps even more interesting is the fact that altcoins are bleeding a lot heavier than Bitcoin. Not only did they fail to capitalize on this sudden drop, they decreased substantially.

The entire market is in the red and as you can see in the graphic below, some of the altcoins are in very big trouble against the USD.

Cryptocurrency Overview. Source: Coin360

But the drop isn’t just against the USD, as all of the large-cap cryptocurrencies suffer hard against Bitcoin as well. EOS, for example, is down about 17% against BTC, Bitcoin Cash is down 15%, Bitcoin SV is down 24%, BNB is down about 4%, and so forth. One of the most definitive signs for the pressure on the market is the fact that Tether (USDT) – the most popular stable coin, has become the 4th largest cryptocurrency by means of market capitalization.

While it’s challenging to outline the exact reason for this latest drop, it’s safe to say that the underwhelming performance of Bakkt in its first two days of trading could be part of it. Of course, it’s interesting to see whether or not the selling is through or if we have more pain to come.

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Source: Crypto Potato