• More selling seen in Bitcoin today
  • Price lower by more than 6%
  • Market has dropped around 20% from Wednesday’s all-time high

There has been a particularly tumultuous 24 hours for Bitcoin with the cryptocurrency 1st surging to a record peak above 11400 yesterday afternoon before plummeting back to the low 9000s.

From a fundamental perspective the sell-off could be attributed to a couple major cryptocurrency exchanges going down but the rapid speed of the descent should serve as a warning sign. Before the drop yesterday there was some potentially positive news for the market as NASDAQ announced that they would be following in the footsteps of the CME in offering futures contracts on Bitcoin.

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 Bitcoin tumbled yesterday after reaching an all-time high as investors turned skittish. The market has since fallen below yesterday’s low at 9200. Source: xStation

One other thing that should be noted is that it is not only Bitcoin that has suffered some strong selling, with 4/5 crypto markets in the red today. LTCUSD is the worst hit and after breaching 100 yesterday the market has experienced a similar size decline to that of Bitcoin. DSHUSD is the only market higher, but even though it made another all-time peak earlier today at Dash has pulled back substantially. 

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 DSHUSD is the only crypto market higher today with the other 4 all experiencing significant declines. Source: xStation