Bitcoin[1] (BTC) dropped around 2 percent Friday, August 3, failing to find support to stay above the $7,500 barrier for the first time this week.
Market visualization from Coin360[2]
Data from Cointelegraph’s price tracker and Coin360[3] show a sudden dip downwards from $7,550 Friday, with BTC/USD trading around $7,363 at press time.
That figure marks Bitcoin’s lowest since the end of July, just after prices shot up[4] from $6,100 in a matter of hours.
Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index[5]
Since that time, markets have rallied and fallen, with commentators keen to see[6] if support around $7,000 can hold to sustain July’s gains.
Today’s move downwards accompanies temporary volatility at cryptocurrency exchange OKEx[7], which confirmed[8] it had injected 2500 BTC in order to stabilize impending futures[9] settlements. The crypto exchange added that it will add a new “anti-manipulation policy” on August 4 to avoid such incidents reoccurring at an even larger scale.
Bitcoin has traditionally seen downward pressure[10] in the immediate run-up to futures contract liquidation from various operators.
In altcoin markets, Ethereum[11] (ETH) managed to curb losses compared to Bitcoin, dropping around 1.1 percent in the 24 hours to press time and currently trading around $409.
Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index[12]
Bitcoin Cash[13] (BCH) fared worse, losing around 5 percent over a 24 hour period and trading around about $713 to press time.
