The crypto market has seen another bloody Wednesday, with Bitcoin price losing over $500 and altcoins following it. Most of the top cryptocurrencies experienced losses from 7 to 10%, with Bitcoin plummeting almost 9% from $8,200 to $7,500 and hitting its 5-month low.
The Bitcoin price came all the way down in just 5 minutes. Yesterday’s attempt to retest $8,300 failed, and the Bitcoin price dropped even further as the target support was broken and the target may now be set at as low as $7,000.
The Ethereum price also experienced lows not seen since May 2019. For some time the Ethereum price even stayed below $160. Unlike Bitcoin, Ethereum didn’t drop all at once, as seen on the COIN360 price chart.
The market downtrend started just before Zuckerberg’s hearings in U.S. Congress, and some observers even suggested that these events were connected. Nevertheless, Facebook shares rose while Mark Zuckerberg was testifying for the company’s cryptocurrency project Libra and during the day.
While the crypto market declined sharply, Bakkt Bitcoin futures volume hit a new all-time high today, with 507 BTC traded so far. The previous record was set on Oct. 9 when 224 BTC contracts were traded.
As suggested by some experts, investors rush to buy Bitcoin futures at their low price on the Bakkt platform. Meanwhile, over $200M worth of Bitcoin long positions were liquidated today on BitMEX, one of the largest exchanges trading Bitcoin futures contracts.