Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
Crypto Magazine Africa
  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion
No Result
View All Result
My CryptoMag
No Result
View All Result
Home Bitcoin

Bitcoin price falls below $8K,creating ripples in the market

On Tuesday, Bitcoin’s price fell 15% of its network value in just under an hour

by Suvajit Banerjee
September 25, 2019
in Bitcoin, Breaking News, Market Analysis, News
Bitcoin price falls by 15%

RelatedPosts

DafriBank Announces the Appointment of New Chief Executive Officer

Is Bitcoin moving towards $12 000 value?

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

UNICEF flirts with digital currency, now accepting donations in Bitcoin

On Tuesday, Bitcoin’s price fell 15% of its network value in just under an hour starting from 16:00 UTC through 17:00 UTC. This is the first time that Bitcoin prices have fallen below the $8,000 mark since June 12th.

Amidst the frenzied sell off by the investors, $30 billion has been drawn out of the market within a period of 24 hours. The drop came as a shock to many as the cryptocurrency was enjoying a period of stability with the prices hovering around the $10,200 point. As of now, the coin is trading at sub-$8,500 levels in various markets.

While losing $20 billion in market value, Bitcoin also dragged the rest of the cryptocurrency market down with it. Other coins like Ethereum, Bitcoin Cash, Bitcoin SV, Litecoin, EOS, Binance Coin etc. have registered losses above 20%. The technical patterns suggest a potential 32 percent drop to $6,500 for Bitcoin in the coming days.

Experts in ByteTree, the blockchain data analysis engine predicted this fall back in the beginning of the month. One of their blogs mentioned that “We anticipate a sharp fall in bitcoin’s fair value in the coming weeks unless weekly and monthly transaction volumes reverse the current downtrend. At the present time, the market value is $10.8k with a fair value just under $8k, marking a 35% premium.”

Many theories have been put forward to explain this downfall and one of the most convincing ones is the series of liquidations and margin calls on 100x leverage crypto derivatives giant BitMEX. There have been concerns through the past years that leveraged derivatives exchanges such as BitMEX can affect Bitcoin’s price in this manner.

The Intercontinental Exchange, the NYSE owner, listed its Bakkt bitcoin futures on Monday but it did not take off as expected. Some experts interpreted the lukewarm take-up as evidence of the continued sense of hesitation towards cryptocurrencies from larger investors and mentioned this as another reason for the price fall.

“The disappointing Bakkt opening signals to the crypto community that institutions are less ready to invest in bitcoin at scale than was supposed, which means the price was probably too high and due for a correction,” said Alex Mashinsky, chief executive at crypto lending company Celsius Network.

Joe DiPasquale, CEO of BitBull Capital, has pointed out that the Bitcoin hash rate which dropped by 40% from about 98,000,000 TH/S to 57,700,000 TH/s, can be another reason behind this crash. DiPasquale also mentioned that he believes that the fundamentals of Bitcoin remain strong and the coin will recover in the coming days from this temporary fluctuation.

Tags: BakktBitcoinbitcoin futuresBitcoin price
Previous Post

Cryptocurrency fraud rising in South Africa, educate yourselves

Next Post

Exchanging cryptocurrencies for gold and silver: a South African innovation

Related Posts

DafriBank Announces the Appointment of New Chief Executive Officer
Breaking News

DafriBank Announces the Appointment of New Chief Executive Officer

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

by Khanyisile Nkosi, opinion contributor
September 1, 2020
Bitcoin’s new normal bottom is US$10 000: expert
Bitcoin

Is Bitcoin moving towards $12 000 value?

Bitcoin is set to hit $12 000 before the end of the year if it remains above the $8 500...

by Issa Sikiti da Silva
October 29, 2019
Mark Zuckerberg tries to defend Libra in Congress
Crypto

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

by Suvajit Banerjee
October 25, 2019
UNICEF flirts with digital currency, now accepting donations in Bitcoin
Bitcoin

UNICEF flirts with digital currency, now accepting donations in Bitcoin

The United Nations Children's Fund (UNICEF) will from now on be able to receive, hold and disburse donations in cryptocurrencies...

by Issa Sikiti da Silva
October 10, 2019
Bitcoin cozying up to African Continental Free Trade Agreement
Bitcoin

Bitcoin cozying up to African Continental Free Trade Agreement

July 2020. Nine months to go. That is what is left for the African Continental Free Trade Agreement (AfCFTA) to...

by Issa Sikiti da Silva
October 5, 2019
paypal-abandons-facebook-backed-libra-association
Breaking News

PayPal, a founding member, exits the Libra Association backed by Facebook

PayPal has announced that it is walking out of the coalition of companies involved in Facebook’s Libra project. Adding to...

by Suvajit Banerjee
October 5, 2019
Next Post
Exchanging cryptocurrencies for gold and silver: a South African innovation

Exchanging cryptocurrencies for gold and silver: a South African innovation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Quick News

DafriBank Announces the Appointment of New Chief Executive Officer

DafriBank Announces the Appointment of New Chief Executive Officer

by Khanyisile Nkosi, opinion contributor
September 1, 2020
0

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

Bitcoin’s new normal bottom is US$10 000: expert

Is Bitcoin moving towards $12 000 value?

by Issa Sikiti da Silva
October 29, 2019
0

Bitcoin is set to hit $12 000 before the end of the year if it remains above the $8 500...

Mark Zuckerberg tries to defend Libra in Congress

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

by Suvajit Banerjee
October 25, 2019
0

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

JPMorgan CEO Dimon comments on Libra

JPMorgan CEO says that Libra is an “idea” that will “never happen”

by Suvajit Banerjee
October 21, 2019
0

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a...

Most Popular

DafriBank Announces the Appointment of New Chief Executive Officer

DafriBank Announces the Appointment of New Chief Executive Officer

by Khanyisile Nkosi, opinion contributor
September 1, 2020
0

JOHANNESBURG - The Africa's pioneer digital Banking outlet DafriBank this week unveiled its new CEO. "We are pleased to announce...

Bitcoin’s new normal bottom is US$10 000: expert

Is Bitcoin moving towards $12 000 value?

by Issa Sikiti da Silva
October 29, 2019
0

Bitcoin is set to hit $12 000 before the end of the year if it remains above the $8 500...

Mark Zuckerberg tries to defend Libra in Congress

Mark Zuckerberg struggles to defend Libra as US Congress members grill him for hours

by Suvajit Banerjee
October 25, 2019
0

The founder and CEO of Facebook Mark Zuckerberg, appeared before the US House of Representatives Financial Services Committee last Wednesday...

JPMorgan CEO Dimon comments on Libra

JPMorgan CEO says that Libra is an “idea” that will “never happen”

by Suvajit Banerjee
October 21, 2019
0

Amidst the rising scepticism about Facebook’s Libra project JPMorgan Chase Chief Executive Jamie Dimon has commented that it is “a...

Sign upto our newsletter

About

  • Contact Us
  • Privacy Policy
  • About Us

Sister Brands

  • FX Magazine
  • MLM Magazine
  • Daily Afrika
  • PlusSize Africa
  • DJ Mag Africa

Affluent Series

  • Affluent
  • Affluent Africa
  • Affluent TV
  • Affluent Radio
  • Affluent Sport

Published by UMEH Media All right reserved.

mycryptomag-logo

The leader in crypto and blockchain news, lifestyle, and just about anything crypto. Crypto Magazine is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Crypto Mag is an independent operating subsidiary of UMEH Media Group

  • Home
  • News
  • Analysis
  • Bitcoin
  • Blockchain
  • Breaking News
  • Exchange
  • Gainers
  • Losers
  • Opinion