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Bitcoin Price Falls Below $9k and Crypto Bloodbath Follows. What’s Causing the Crash?

Bitcoin Price Falls Below $9k, and Crypto Bloodbath. What's the Cause?

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

Bitcoin 24-Hour Price Chart for September 24, 2019
Bitcoin 24-Hour Price Chart for September 24, 2019

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

6-Month Bitcoin Price Chart
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.

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Ethereum (ETH): $160.92 (-23.47%)
Ripple (XRP): $0.236 (-17.07%)
Bitcoin Cash (BCH): $235.71 (-22.02%)
Litecoin (LTC): $57.33 (15.65%)
EOS: $2.62 (-31.99%)
Binance Coin (BNB): $15.57 (-22.42%)

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.

Josh Rager, active crypto trader:

Director Research for The Block, Larry Sermak:

Christopher Bendiksen, Head of Research for CoinShares:

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