RATE Group | Bitcoin nosedives 22% this week to its lowest level since June
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Bitcoin nosedives 22% this week to its lowest level since June

27 Sep Bitcoin nosedives 22% this week to its lowest level since June

Posted at 18:58h in Bitcoin News by

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People walk past a board with the logo of Bitcoin in a street in Yerevan, Armenia September 9, 2019.

Anton Vaganov | Reuters

This has been a tough week for bitcoin.

The world’s first and largest cryptocurrency plunged more than 20% over seven days, hitting a low of $7,757 Friday — its lowest level since June. Bitcoin futures meanwhile, were on pace for their worst week of the year.

The cryptocurrency — known for its volatility — had been relatively stable since August, trading in the $10,000 range until this week. The sharp drop below $8,000 began Monday, and continued to sell off throughout the trading week. Other major cyrpotcurrencies ether and XRP are down 24 and 19% for the week, respectively.

As is often the case in cryptocurrency markets, analysts were unable to point to one specific catalyst for the price drop.

One theory investors pointed to was a lackluster debut of a new bitcoin futures product. On Sunday, the Intercontinental Exchange, parent company of the New York…

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