Flash crash: Bitcoin dumps below $8500 mark seeing a drop of over 9% in one-hour as the market bleeds

The largest cryptocurrency in the market, Bitcoin has witnessed one of its largest crashes for the year, recording a drop of over 9 percent in the past one hour. The rest of the market has followed suit, with Bitcoin Cash, Bitcoin SV, Binance Coin, and Ethereum losing value in over 10 percent in the past one hour.

Source: CoinMarketCap

According to CoinMarketCap, at press time, Bitcoin was trading at $8395 with a market cap of $150 billion. The coin recorded a trade volume of over $21 billion and has slumped by over 14 percent and 18 percent in the last 24-hours and seven days. Additionally, the cryptocurrency pegged with Tether reached a low of $7800 on Binance, following which it bounced back to trading above the $8000 ground.

Source: Binance

Castorfromtheva, a Redditor said,

“That’s why we’re back at 69% BTC dominance. This drop very likey means death to almost any shitcoin. Wait for the bounce…which will solely be bitcoin!”

Notably, the market crashed despite the launch of one of the much-awaited institutional players, Bakkt. The crypto-venture of Intercontinental Exchange went live with the launch of Bitcoin futures on September 23. However, the volume recorded on the platform for its monthly on its debut day was 72 despite the hype surrounding its launch.

MRc, a Twitter user said,

“Bitcoin dumps with Bakkt What did I tell you all. Wall Street says Bitcoin has no value. Bitcoin price will now move according to what the street thinks its value is…welcome to real price discovery.“