Bitcoin (Bitcoin) once again dropped below a psychological mark of $8,000 and at the moment continues to fall passing $7,800 support zone. Almost all other coins in the top-100 are also trading in the red zone.
Although the total market capitalization of cryptocurrencies did reach a seven-day low around $277 billion, it still shows a better result than the mid-July lows of $243 billion. However, despite the drop in its price Bitcoin continues to keep the dominance, reaching the level of 48,1% according to Coinmarketcap’s index.
A remarkable drop in the newly stabled positions can be conditioned by the expiration of July’s Bitcoin futures contracts. The new contracts will be settled on August 1, while the old ones have expired on July 27.
Reportedly, one of the other possible reasons for the decline was HitBTC going offline for 5 hours due to the hardware malfunction, however, the issue is claimed to be resolved and no users’ funds were affected, as stated on the exchange’s twitter page. Right after, the 12th biggest crypto exchange in terms of daily trading volumes informed its clients of the short maintenance planned to be conducted today (July 31) starting 18:30 UTC.