On Tuesday (Sept. 24, 2019), Bitcoin price falls below $9k for the first time since June 16. BTC is trading at $8,590.66 at time of writing. What follows is what cryptocurrency analysts called a “crypto bloodbath.” Bitcoin’s double digit (by percentage) loss dragged the majority of altcoins down the mud.
The day started with Bitcoin trading at $9,692. By 2:35 PM Tuesday, Eastern Time (ET), Bitcoin price had fallen 3% to $9,402 and then to $8,390 by 5:30 PM.
Bitcoin 24-hour price chart
Looking at the Bitcoin price chart above for the pass 24 hours, you can see that the bloodbath didn’t end there. Bitcoin price fell even lower for BTC-USD at $8,200 mark. The last time Bitcoin price fell that low was the second week of June.
6-month bitcoin price chart
Bitcoin price falls to a 3-month low was sudden and unexpected. That happened as crypto analysts and experts predicting record breaking upward numbers for Bitcoin by the end of 2019. That’s not to say their bitcoin price predictions are not going to materialized. However, giving the events going on in the world right now, one should remain skeptical.
Bitcoin price crash affect on altcoins
The top altcoins are currently suffering because of the sudden crash of BTC price.
What’s the cause behind Bitcoin, crypto, and altcoins panic selling and mass exodus?
Several sudden events can be attributed to Bitcoin’s and altcoins panic sell-off and mass exodus. Below are a list of events from government to financial institutions.
1. President Donald Trump impeachment talk
Democrats in the house of representatives are pressuring their leader, Nancy Pelosi to start impeachment presiding against the president after he allegedly pressured Ukraine’s president, Volodymyr Zelensky to launch an investigation into leading Democratic presidential , Joe Bidden’s son for bank fraud.
2. Bakkt’s Bitcoin Futures
Bakkt launched its Bitcoin futures with great fanfare and anticipation. The venture is supposed to propelled BTC to mass adaptation. Instead, Bakkt Bitcoin Futures is thus far a failure and disappointment, leaving crypto enthusiasts in despair.
3. Bitcoin network crash
On September 23, the day before the Bitcoin price falls to 3-month low, the Bitcoin network hash rate suddenly crashed by 40%; plunging from 98 EH/s to about 57.7 EH/s. The crash remains mysteriously with no one able to explain the cause.
What is Crypto Twitter’s reaction to the sudden Bitcoin price crash?
Crypto Twitter is having a field day with Bitcoin sudden nose drive; taking altcoins prices down with it.
Wild $600 wide spreads between Bitmex and Coinbase.
$8150 vs $8750
Alex Krüger, famed Economist and trader:
— Alex Krüger (@krugermacro) September 24, 2019
Josh Rager, active crypto trader:
Current inverted Bitcoin chart update
Looks very similar to the market bottom before the $1000 candle up to $5k
— Josh Rager 📈 (@Josh_Rager) September 24, 2019
Director Research for The Block, Larry Sermak:
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 for CoinShares:
PSA: #bitcoin hashrate is not a known measure.
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.
— Christopher Bendiksen (@C_Bendiksen) September 24, 2019