Bitcoin made a dramatic downturn on Tuesday, September 24, a day in which the cryptocurrency dropped to $8400 from $9,800 representing a loss of $1,400. Most of the losses occurred within a couple of hours.
In fact, the coin lost nearly $800 in minutes just around 20:49 UTC, bleeding away more than 10 percent of its value in the most remarkable downtrend in months.
This could be one of the most painful days for investors in the past six months considering that the outlook had been positive since March when the crypto market commenced a bullish trend that has seen many analysts predict that this would be another remarkable year.
As at the time of this report, the cryptocurrency traded at $8,615, having made a slight recovery showing that investors are willing to support the $8,000 support.
Since mid August, the expectation of bulls had been that the quietness seen in price was preparatory for a big breakout but this had not happened. Today’s market shock may be a wake-up call that would make the bulls doubtful of the high expectations for the cryptocurrency.
Bitcoin seems to be stabilizing itself around the $8,150 price mark, as of press time. The coin market capitalization is already down by $20 billion on account of today’s losses.