While the last few months have been generally decent for Bitcoin (BTC), those who have patiently kept a keen eye on the digital currency in the last few days have witnessed a seemingly strange kind of story: Bitcoin is lethargic following another dump to $9,600.
Based on the latest figures from Trading View, the Tether-led Bitcoin price on virtual money platform Binance, crashed from $9,352.88 to $7,800 in just 30 minutes right after opening bell. Binance has the most number of crypto players trading on the exchange, according to OpenMarketCap.
The price of the world's most talked-about electronic currency was hovering around the $8,100 region when initial report about its sudden drop surfaced, which is a price position not recorded since middle of June this year.
Interestingly, BTC's price unsteadiness had been consistently treading on the red zone recently, hitting its lowest mark since April. Its bottom of $7,800 early Wednesday is 43 percent lower compared to the $13,971 peak it reached two months earlier.
The unexplained flash drop in BTC hash rate, Bitcoin's price was battered heavily. BTC/USD tumbled from $9,691.40 to 8,534.81 and fell under $9,000 for the first time since June this year. BTC has since bounced back to $8,646.
After Wednesday's after-hours sharp price retreat, Bitcoin is currently off 15.53 percent for the month of September. There was no clear proof connected with Wednesday's price plunge though the much-awaited roll-out of Bakkt's physically-arranged crypto futures exchange got off to a shaky start late Tuesday.
"Even for BTC, this is a very rare occurrence," Qiao Wang, director of products at New York-headquartered virtual currency-focused research agency Messari, said.
Things have been gloomy enough for BTC, but the altcoins have been likewise pummelled. Of course, it must be remembered that virtual currencies aside from Bitcoin tend to collapse when the BTC weakens and rise higher during bull sessions. Sharing his thoughts on the outcome, Twitter analyst Plan-B said altcoins were set for a longer-term trajectory back to submission to BTC.
After-hours, there fell 6.6 percent against BTC, while Bitcoin Cash dropped 13 percent versus Bitcoin, and EOS shed 19 percent against Bitcoin, based on CoinMarketCap's monitoring of the daily movements in crypto prices.
BTC is experiencing lower volumes and weaker levels of volatility which means that pushing back to the $10,000 mark minus effective fundamentals will create a considerable decline in market price.
