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:
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:
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:
Wild $600 wide spreads between Bitmex and Coinbase.— Alex Krüger (@krugermacro) September 24, 2019
$8150 vs $8750
- Crypto Trader Josh Rager:
- Larry Sermak, Director Research at The Block:
Nearly half a billion in liquidations on BitMEX. Talk about a massive long squeeze 📉 pic.twitter.com/Uc0fnSzN5f— Larry Cermak (@lawmaster) September 24, 2019
Christopher Bendiksen, Head of Research at CoinShares:
PSA: #bitcoin hashrate is not a known measure.— Christopher Bendiksen (@C_Bendiksen) September 24, 2019
It can only be estimated from previous block intervals.
Block times are Poisson distributed which sometimes causes large variance in block intervals. If several slow blocks happen in a row, it makes these estimates spike down.
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