Bitcoin Shreds Over $500 in One Hour to $9700; Altcoins Suffer 

After having a good day holding steady above the $10,200 levels, bitcoin has once again thrown the cryptocurrency community into panic as it shreds over $500 from its value in less than one hour. 

In our most recent bitcoin price analysis, we predicted that traders should expect a big move soon straight up to the Bakkt launch as price consolidation confirms the same trend of last month.

The crypto market leader now trades at $9,744, indicating a 4.28% lose against the USD, which is seemly not very good news for short term traders who were looking to make quick profits before the end of today’s trading session. 

Today’s drop followed the same pattern we saw on the 27th of last month when BTC lost $700 in less than 10 minutes, dropping its value to $9400. A few days later, we saw the price jump to over $11,000. 

As expected, the rest of the market has been struck by Bitcoin sudden dump, with all major altcoins suffering significant losses between 5 to 10% in the last hour. 

Ether and EOS are mostly affected with both coins losing 8.15% and 8.54%, forcing their prices to $172 and $3.26 respectively. 

The general overview of the market shows that almost all top 100 are swimming in deep red with only a few coins spared of the dip. The total market cap for all cryptocurrencies has dropped to $251 billion following the sudden decline. 

Meanwhile, Bakkt announced today that it would open its warehouse to start accepting Bitcoin deposit from customers starting from next week, September 6.

Chart: tradingview.com

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