Bitcoin Price Tanks Below $8500 As Bakkt Futures Launch Fails to Impress Market

It has been a blood bath on the crypto market this Tuesday, September 24. In a flash crash Bitcoin lost nearly $1500 or 15% of its price slipping below $8500 levels. At press time, Bitcoin is trading $8455 with a market cap just over $151 billion.

The daily chart for BTC on WorldCoinIndex shows steep fall in the price of the world’s largest cryptocurrency. With yesterday’s price crash Bitcoin lost nearly $20 billion in its market cap.

Earlier this week, ICE’s Bakkt platform launched the trading for its much-awaited Bitcoin Futures contracts. However, it looks like Bakkt has failed to make enough impact to push Bitcoin price northwards. On average, the ICE data shows that Bakkt is getting only 50-60 volumes every day since its launch which is much less as compared to what was expected.

The underwhelming launch of Bakkt could be one of the major reasons for Tuesday’s Bitcoin price crash, as per some of the industry experts.

Well traders are now anxious as to where will Bitcoin go from here. Below $8400 levels, the next support is $8250 and consecutive support levels below at every 250 points. It remains to be seen if anything can really stop this downfall and take Bitcoin back to $10,000 levels again.