Bitcoin Price Falls Below $9K for First Time Since June 16

Siamak Masnavi

The Bitcoin price continued falling on Tuesday (September 24), going below $9,000 by around 18:50 UTC. As you can imagine, panic selling is also affecting the altcoins, with most currently suffering double digit percentage losses against USD. 

Bitcoin started this day at $9,692. By 18:35 UTC, the BTC price had fallen 3% to $9,402. Within 30 minutes (i.e. by 19:05 UTC), the BTC price had fallen another 7.76% to $8,672.

Here is the 24-hour price chart for Bitcoin:

BTC-USD 24 Hour Chart 3 - 24 Sep 2019.png

And as you can see in the chart above, the bleeding did not stop there: by 19:46 UTC, BTC-USD had gone below the $8,200 mark, meaning a loss of almost 17% in the preceding 24-hour period.

The last time the BTC price was below $8,200 was June 12, i.e. more than three months ago. 

Below, is the six-month price chart for Bitcoin:

BTC-USD 6 Month Chart - 24 Sep 2019.png

As for the altcoins, most are also suffering double-digit percentage losses against USD. Here are a few examples: 

  • Ethereum (ETH): $160.92 (-23.47%)
  • XRP: $0.236 (-17.07%)
  • Bitcoin Cash (BCH): $235.71 (-22.02%)
  • EOS: $2.62 (-31.99%)
  • Binance Coin (BNB): $15.57 (-22.42%)

So, what's behind today's panic selling? Here are a couple of events that might explain at least in part why the crypto markets had such an awful day:

  • Bakkt's launch of its Bitcoin futures has been very disappointing to some people, with only 161 monthly contracts traded (as of 20:07 UTC on September 24) since trading went live at 00:00 UTC on September 23.
  • Reports came out today about Bitcoin network’s hash rate suggesting that it had dropped from 98 EH/s to around 57.7 EH/s before recovering (with no-one able to come up with an explanation for the alleged incident).

As for the reactions on Crypto Twitter, these are a few of the more interesting observations:

  • Economist and Trader Alex Krüger:
  • Crypto Trader Josh Rager:
  • Larry Sermak, Director Research at The Block:
  • Christopher Bendiksen, Head of Research at CoinShares:

 

Featured Image Credit: Photo via Pixabay.com