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Bitcoin Tumbles Below $8000 Due To Multiple Factors


As a number of concerns are being confronted by digital currencies, Bitcoin for the first time since June tumbled below $8000 mark on Thursday extending previous losses.

Bitcoin Tumbles Below $8000 Due To Multiple Factors

In accordance with the Bloomberg composite pricing, the crypto fell by as much as 9% before recovering from the day's low of $7736 in New York. Also, in line the index called the Bloomberg galaxy crypto index which tracks a number of cryptos tanked over 8%, as other digital assets including ether and XRP declined in trade as there was seen selling in them.

Also, experts view no catalyst whatsoever to pull back the asset and in a similar fashion it never scaled back to a high of $14000 reached in the summer.

The different factors attributed to an almost 20% fall since Friday in bitcoin are a weak reception to the first Bitcoin futures contracts offered by the Bakkt interface of the Intercontinental Exchange. Also, there has been a delay in the decision concerning Bitcoin exchange-traded product by the US Securities and Exchange Commission. While others owed the decline to the dismal performance in bitcoin to CME futures contract which are due to expire today

Story first published: Friday, September 27, 2019, 14:35 [IST]
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