Bitcoin drops lower as cryptos stabilize after earlier fall

Bitcoin drops lower as cryptos stabilize after earlier fall

During Asia hours, Bitcoin retrieved some of its footings at the time altcoins staged a modest regain after the digital assets plunged overnight in the US.

At 2:41 PM in Hong Kong Bitcoin dropped down by 1.2% to $8480, levelling out after a wild ride the preceding day that marked the biggest digital currency drop as much as 17% for its greatest intraday fall since January 2018. Since June it is the first time that BTC has sold below $9000.

The drop has various reasons as to traders - from a lacklustre introduction of one-day BTC deliverable futures Monday to a global risk-off atmosphere in traditional assets. On Tuesday Intercontinental Exchange’s Bakkt venture issued 113 one-day contracts.

Founder of Los Angeles-based crypto hedge fund Ikigai Travis Kling said: “When the real Bakkt launch revealed disappointing volumes on the first day, it initiated the hatch and the bottom fell out of the market”.

The move Tuesday also indicated BTC closed below its 100-day moving mediocre for the first time since March. Through April, May and June, the coin moved nearly parabolic with an upward run that took it as high as $13852. It had been floating around the $10000 level in recent weeks.