Bitcoin has plunged more than 20% over seven days, hitting its lowest level since June.
As is often the case in cryptocurrency markets, analysts were unable to point to one specific catalyst for the price drop.of a new bitcoin futures product. On Sunday, the Intercontinental Exchange, parent company of the New York Stock Exchange, launched its futures contracts on a platform called Bakkt as a way to usher in new bitcoin investors who may have been cautious about trading on exchanges.
Moro said low demand for a new product is normal. But disappointed bitcoin investors sold, and set off a cascade of liquidation. "While no one has perfect clarity ahead of big moves, and fast and violent price moves are often unpredictable, it has historically been possible at least to rationalize large moves after the fact," he said. "But three days after this decline started, there still haven't been any valid explanations."
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