The cryptocurrency market was virtually in shambles after Bitcoin sunk mover $1,500 during the US afternoon session. The rest of the market including the major altcoins followed Bitcoin with their own measure of the meltdown.
The crash came just a day after Bitcoin Futures that are physically settled launched on ICE-backed Bakkt exchange. The new futures contract had a drab started as reported yesterday. However, the daily volume is expected to increase over time as institutional investors get accustomed to the new trading service.
Bitcoin price update
Bitcoin is trading slightly in the positive on Wednesday at the beginning of the morning European session. Recovery has been underway since the drop to $8,135. Bitcoin has extended the bullish action to $8,744.38 (intraday high) although it opened the session at $8,533.89. Due to the presence of selling activities across the board, BTC has adjusted to a current market value of $8,541 after correcting higher 0.13% on a daily basis.
There was a significant drop in the market capitalization from $174 billion to $154 billion at the close of the session on Tuesday. A correlated increase in the trading volume from $15 billion to $25 billion signified the selloff.
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