Bitcoin Plummets to $7,000 Despite Major Announcement
Cryptovest
Published Aug 06, 2018 05:15AM ET
Updated Aug 06, 2018 06:20AM ET
Bitcoin Plummets to $7,000 Despite Major Announcement
Bitcoin and most altcoins lost ground during this weekend’s trading. The drop occurred as if the markets ignored Friday’s major news release regarding a new trading platform. Intercontinental Exchange, a leading international exchange operator that owns the New York Stock Exchange, revealed its plans to launch a crypto platform called Bakkt. This platform will be a legally compliant trading venue, offering physical Bitcoin delivery on futures contracts. Microsoft (NASDAQ:MSFT) and Starbucks (NASDAQ:SBUX) are among the key partners.
Once the story broke, we saw a positive tone across the board, with a lot of coins returning earlier losses. The enthusiastic run fizzled rather quickly and a decline in trading volumes (along with prices) followed.
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