Earlier this week Bitcoin (BTC) saw its value losing 20% in a single day, falling from a high of $10,048 on September 23, down to a low of $7,998 on September 24. As if that ain’t enough, BTC is now down by almost 4.5% in the last 24 hours and is currently the worst performer among the top five largest cryptocurrencies.
Throughout this period, Bitcoin has also seen its dominance in the crypto market slowly chipped away, falling from more than 69%, down to under 68% according to Coindesk. Although this is hardly a drastic change, it does show that it’s being affected more than most cryptos right now.
Why the sudden tumble
The reasons as to why Bitcoin has lost this much value this week varies. One analyst claims that the recent collapse of the Bitcoin price was caused by a huge Bitcoin transaction when a whale sent $1.2 billion in Bitcoin from their wallet to a crypto exchange and then sold it. The screenshot comes from the bytetree.com analytical website and it shows that on Tuesday somebody transferred a whopping $1.2 billion in Bitcoin to an exchange.
Some have cited the drop of the hashrate, which no doubt influences market forces, as the reason for the BTC price fall. The other reason according to Forbes was the launch of Bitcoin futures trading on Bakkt which has not been very successful yet.