Wall Street Strikes Fear? Bitcoin’s Sudden Price Drop
Bitcoin’s Saturday performance has seen $500 chopped off the coin’s value, with 6.8% losses over twenty-four hours, and a very concentrated dip occurring this afternoon at 13:00 UTC, when just over 5% of BTC’s value disappeared.
Sudden Price Drop
This afternoon’s plunge came suddenly, with the coin price sinking from $7,427 to $7,030 in the space of just over three hours. The majority of the losses had been incurred by around 15:30 UTC, just over thirty minutes ago at the time of writing. The price has since begin to level off, but volumes are currently down on this time yesterday and the movement doesn’t look to be over.
Looking at Bitcoin’s numbers for the week, it has been a story of stepped declines since July 31st. As you can see from the chart below, a new dip has occurred every two days since then, with today’s price marking a return to levels not seen since mid-July, just before BTC went on its mini-bull run of recent days.
Based on the current price, Bitcoin is down 14% for the week, and yet based on the monthly opening price of $6,710 the coin is still up 5% over thirty days. Ultimately, the bulk of July’s gains have been wiped out, and those who thought BTC was free and clear will now be tightening their belts for the long haul.
Wall Street Strikes Fear?
Throughout the day news has started to circulate of the negative predictions forecasted by some big hitters in New York. Goldman Sachs in particular published an mid-year economic outlook report, in the pages of which they said they expect Bitcoin to lose a lot more of its value over the year,