Bitcoin Price Drops Below USD 9,000 Again; Altcoins Follow
Though Bitcoin (BTC) started this Friday with a smaller drop in its price, in a sudden move in the afternoon hours (UTC time), bitcoin price dropped by 2.4% in less than two hours - which was enough to push it below USD 9,000. Additionally, altcoins turned red.
While BTC was trading sideways for the majority of the time in the last 24 hours, it started its descent in the early hours on November 8th. At the time of writing (15:00 UTC), bitcoin trades at c. USD 8,820. It is down by 5.03% in the past 24 hours and by 4.14% in the past week. It seems to be continuing the drop.
Bitcoin price chart:
Other coins from the top 10 list by market capitalization crashed between 2% and 8% in the last 24 hours and between 0.5% and 2.5% in the past hour. Also, majority of the coins in the top 100 by market capitalization are now showing red in the last 24 hours.
Furthermore, the total market capitalization dropped by 4.38%, to USD 240 billion.
Bitcoin price jumped above USD 9,000 and even USD 10,000 during an historic rally in the end of October. Some analyst claimed that the rally was also fueled by positive news from China, among other things. Meanwhile, after China's National Development and Reform Commission (NDRC) reportedly removed Bitcoin mining from the list of industries that might be eliminated, and Hong Kong’s Securities and Futures Commission (SFC) published a framework for crypto exchanges, these positive news have failed to push bitcoin price higher.
$BTC update:— DonAlt (@CryptoDonAlt) November 8, 2019
Even though the narrative has changed, the chart has not.
I still think the area around $8400 is incredibly interesting.
I'd be surprised by any major moves other than the above shakeout.
I think we'll range for quite a while longer. pic.twitter.com/YQfXmFvMlw
Lets take a look at Bitcoin... pic.twitter.com/HNVDIkCqHc— Nicola Duke (@NicTrades) 8 November 2019
I'm gone for several days and I come back to see you guys dumping the price of Bitcoin— Josh Rager 📈 (@Josh_Rager) 8 November 2019
Can't leave you alone for five minutes