Bitcoin crashes to under $ 8000

The Bitcoin loses up to eight percent - a few days after he reached a new high for the year. Other cryptocurrencies are also losing interest.

Dusseldorf Bitcoin has suffered the biggest price losses on Tuesday for a good two weeks and has fallen below the level of 8000 US dollars. On May 30, the largest digital currency reached a year-high of $ 9,100 during its rally . The price slump also affected alternative crypto currencies such as Ether and Litecoin, while the broader Bloomberg Galaxy Crypto Index also fell.

Alone between one and two clock at night, the Bitcoin lost more than eight percent and crashed from $ 8,500 to less than $ 7,800, maximum collapsed the price by almost ten percent. Around noon, the price was over $ 7990. It has been speculated in social media that a major crypto investor, a so-called Bitcoin whale, may have triggered a sell-off through its sell orders.

Timothy Tam, co-founder and managing director of CoinFi, a Hong Kong-based cryptocurrency research firm, told Bloomberg news agency that it considers price losses more likely to be normal price fluctuations: "The volume is quite large, that's the normal bitcoin volatility. After all, compared to traditional markets, there is still not enough money to move these markets. "

Another factor, according to Tam, is that investors are currently withdrawing from the stock markets . That creates a speculative wave in alternative markets.

May was the best month since August 2017 for the Bitcoin price. Among other things, the digital currency benefited from speculation that institutional investors in the cryptocurrency market are becoming more involved. Facebook and JPMorgan want to develop their own cryptocurrency each, the major US asset manager Fidelity had announced to offer its clients to trade Bitcoin and Co. .