On the night of August 29, the price of bitcoin fell by 6.49% ($660) and reached $9583. The last time the BTC rate fell below $9600 at the end of July. In this situation, institutional investors may be involved.
Minus $660: why bitcoin collapsed
In less than a day, the price of BTC fell from $10,248 to $9583, according to Coinmarketcap at the time of preparation of the news.
The last time BTC was tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details below $9600 on July 30, 2019.
While theories about the causes of the collapse are few. The analyst under the Scew nickname claims which may be involved institutional investors who are massively leaving the BTC futures on the CME exchange. According to him, at the end of August the number of open contracts for CME should be reduced by 50%, and most of the investors will not return the money to the crypto asset.
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- BTC pulled along with other top cryptocurrencies. Ethereum collapsed by 9.58%, XRP – by 6.01% and bitcoin cash – by 9.14%
- According to Coinmarketcap, the level of BTC dominance in the cryptocurrency market on August 29 was 69%
- The BTC Fear and Greed Index calculated by Alternative.me fell 10 points on the night of August 29 and reached 20 points. This signals an “excessive fear” among investors. The company claims that under such conditions, an excellent opportunity is created for buying a crypto asset at a cheap price.
Editor: Alex Riabukha