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Bitcoin (BTC) Crashes, Losing Support Above $10,000

Published 08/29/2019, 03:49 AM
Updated 08/29/2019, 05:02 AM
 Bitcoin (BTC) Crashes, Losing Support Above $10,000

Bitcoin (BTC) had another flash crash late on Wednesday, suddenly breaking down from the level above $10,200 to $9,700. BTC continued with a gradual slide, to trade at $9,579.06 as of 8:00 UTC on Thursday. Once again, altcoins were more deeply affected, and now the market cap dominance for BTC is actually higher at 69.1%.

This type of flash crash is not unseen for BTC, but this time, the drop happens despite upcoming favorable news like the launch of the Bakkt exchange next month.

Analysts tie the drop in BTC prices to the lowered Tether (USDT) activity. New injections of USDT have stopped, leaving the supply at 4.43 billion coins. Additionally, the activity of Ethereum-based USDT has diminished, coinciding with the slid...

This article appeared first on Cryptovest

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