Bitcoin price drops below 8000 USD

3 min reading

Currenct Bitcoin price is about 8000 USD. Over the last 24 hours its price dropped by more than 9%. Altcoins seem to follow that trend with

bitcoin price drops

Bloody Monday on cryptocurrency market

Yesterday's Bitcoin session was opened at the level of 8 900 USD, and closed at nearly 8 100$. It was a 800 USD decrease over the day. Bitcoin price has dropped by 8,98%. Currently, Bitcoin price is below 8 000 USD.

The situation among other altcoins is not looking well too. Some of top cryptocurrencies have lost more than 15% of its value over last 24 hours. Biggest rate decrease can be noticed on cryptocurrencies like: Litecoin (-15,26%), Bitcoin Cash (-13,88%), EOS ( -13,24%), Monero (-13,17%), Bitcoin SV (-13,06%) and Binance Coin (12,04%). 

altcoin price

The only assets that did not drop were: UNUS SEDL LEO (+2,48%) and Chainlink (+0,98%).

It was supposed to be altcoin season

What stand behind these big rate drops? Is cryptocurrency market in panic again? It is worth noting, that such drops are also visible in traditional sector, where S&P 500 futures fell by 4,89%. At this point, anxiety level of cryptocurrency market is at the extreme level of 17 points. Yesterday it was even bigget, it reached 33 points. Many websites report, that drop is connected with global markets hitting the sale.

fear index btc

One of the reasons of Bitcoin sudden crash might be fear about the fact, that more than 70% Bitcoin's mining pools are located in China. The country struggles with coronavirus epidemic, so that emotnions once again prevailed. From a logical point of view, the fact of possesing more than half Bitcoin's computing power by China, does not mean, that only Chinese citizens are involved in BTC mining process. People from all over the world create big community, where they combine their computing power to extract cryptocurrency lbocks more efficiently. 

BItcoin's rate drop might be also connected with people that are responsible for PlusToken financial pyramid. From time to time, there are large drops of BTC happening on the market. Suspicions fall into their direction. According to analysts from ErgoBTC, scammers have sent about 13 000 BTC to so-called cryptocurrency mixers. These website does not verify their users, so it is a great way to blur the traces. It is not 100% sure that PlusToken is responsible for this move. Hovewer, the community made such assumptions.

Few days ago, Binance Research has predicted altcoin season. It seems, that we will have to wait for that to come. This means, that cryptocurrency market still remains vulnerable for emotions, where a large part of market is filled with inexperienced investors. 

It is worth mentioning, that despite big BTC rate drops, its hashrate and mining difficulty has raised. It means, that regardless of market crysis, miner still strongly support the network.

bitcoin hashrate

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