Bitcoin Price Collapses By More Than 15% In An Hour

Bitcoin Price Collapses By More Than 15% In An Hour
Kyle TorpeyContributor
Crypto & Blockchain
I've been a full-time Bitcoin writer and researcher since early 2014.

While 2019 has generally been a great year for the Bitcoin price, those who have been watching the cryptocurrency market for the past week have seen a completely different story unfold.

According to data from TradingView, the Tether-denominated Bitcoin price on cryptocurrency exchange Binance, which is the most active BTC market (according to OpenMarketCap), fell from $9,352.89 to $7,800 in less than an hour this afternoon.

The price of the world's oldest and most popular cryptocurrency was trading around $8,100 at the time of publication, which is a price level that hasn't been seen since mid-June.

Notably, Bitcoin's price volatility had been on the decline recently, reaching its lowest levels since April.

Bitcoin's bottom of $7,800 today is 44.16% lower than the $13,970 high hit on June 26th. Following today's sharp price decline, Bitcoin is now down 15.52% in the month of September.

There was no obvious news associated with today's decline in the price of Bitcoin, although the highly-anticipated launch of Bakkt's physically settled Bitcoin futures platform got off to a slow start on Monday.

Altcoins Looking Even Worse

Things have been bad enough for Bitcoin on Tuesday, but the altcoins have fared enough worse. Of course, it should be noted that cryptocurrencies other than Bitcoin tend to fall further when the Bitcoin price goes down and spike higher during bull markets.

At the time of this writing, Ethereum was down 6.76% against Bitcoin, Bitcoin Cash was down 14% against Bitcoin, and EOS was down 18.85% against Bitcoin, according to CoinMarketCap's tracking of the 24-hour changes in cryptocurrency prices.

Having said that, Ethereum recently had one of its best days ever in terms of its Bitcoin-denominated price gains. However, the altcoin is still down 85% against Bitcoin since the peak of the hype around the cryptocurrency network focused on expressive smart contracts peaked in June 2017.

Over the summer, multiple cryptocurrency pundits made bullish Bitcoin price predictions ranging from $42,000 by the end of 2019 to $100,000 over the next couple of years.