A closer look at the crypto price charts on Boxing Day this year indicates that Bitcoin (BTC) price has started to drop. This would have been a good day for any investor looking to get an opportunity to invest in the number one cryptocurrency at a discounted rate.
However, this is not the case as the Bitcoin (BTC) price, and the price of other cryptos have started to drop fast since midnight on the Xmas day, and this price trend has continued going into boxing day as of press time.
When Christmas Eve became Christmas Day (in the United Kingdom), the price of Bitcoin was comfortably sitting at $4,080. Now BTC’s total market cap has shed nearly $5 billion with the digital asset sitting at $3,816 as of the time this content was published.
Bitcoin (BTC) Price Today – BTC / USD
Is Bakkt Behind the Xmas Bitcoin Price Drop?
Although the actual reason that triggered this morning’s market sell-off is unknown, however, several experts are speculating that it might be related to a rumor that has been making rounds in the space. That is the Bakkt’s launch by Intercontinental Exchange may be postponed once more.
Although the bulk of the digital currency news outlets have reportedly given versions of the story, there hasn’t been any official word from Bakkt itself that suggests that the launch of the Intercontinental Exchange’s backed platform will actually be delayed. Because the rumors started to swell on Christmas day, it isn’t surprising that Bakkt hasn’t made any comments regarding the issue.
Yet the rumor may not be far-fetched because there have been reports that Bakkt has not yet received the required regulatory approval from the CFTC (Commodities and Futures Trading Commission). Of course, this doesn’t mean that the Bakkt platform will not ultimately be given the green light from the US regulator. However, it appears unlikely that the approval will come in time to anticipate a late January launch as originally planned by the platform back in November.
Bitcoin (BTC) Remains on Top
Bitcoin (BTC) isn’t just the only token that has seen its price tank this Christmas. As is the norm in the ecosystem, the rest of the market is also taking a nosedive although Bitcoin (BTC) remains on top. Other assets including the likes of Ethereum (ETH) XRP, EOS, Stellar and Litecoin (LTC) have all suffered double-digit declines in the same period.
Bitcoin Cash (BCH) the digital asset that came as a result of a hard fork from the Bitcoin chain back in August 2017, is leading in terms of losses. Bitcoin Cash ABC and Bitcoin Cash SV that split from Bitcoin Cash (BCH) have both shed about 20% in prices just in the past 24-hours.
Bitmain To Drop 50% of Its Employees
The likely reason for BCH’s current selling pressure is reported that Bitmain, one of Bitcoin Cash largest supporters is rumored to be planning to wield the axe on about 50% of its employees. The report that Bitmain is going to drop about half of its employees by the end of the week was first reported by the Chinese media reported.