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Bitcoin Price Dips Below USD 8,000, Ethereum Price Sinks 5%

The most popular cryptocurrency, bitcoin, just broke another important price level this week, dropping below USD 8,000 for the first time since June 11. The total market capitalization went down by 5%.

Source: iStock/MicroStockHub

At pixel time (17:41 UTC), bitcoin trades at c. USD 7,980 and is down by 5% in the past 24 hours, increasing its weekly loss to 21%. The price has somewhat recovered as it fell to USD 7,880 earlier today.

Bitcoin price chart:

Source: coinpaprika.com

Other coins from the top 10 by market capitalization are down 3%-7.5%, while Stellar’s XLM trimmed its daily gains to less than 4%.

Top 10 coins by market capitalization:

Source: coinpaprika.com, 17:41 UTC

Meanwhile, after the crash below USD 8,000 earlier this week, some observers have pointed out that the BTC drop coincided with a massive liquidation of over USD 600 million at the BitMEX exchange platform. Moreover, some analysts were blaming the drop on the news of the lukewarm start to Bakkt’s Bitcoin futures trading on Monday, and maintain that the market is decidedly “bearish.”

Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno, told Bloomberg earlier this week that he sees a potential short-term bottom of about USD 7,500 for bitcoin before year-end, an “expected consolidation” after the strong rally earlier this year.