Bitcoin, the largest cryptocurrency by market cap, has lost more than $1,000 in just one day and is currently trading at $8,394.06 (-14.06%).
The reference cryptocurrency, which yesterday was trading near the $10,000 level, has registered a two-digit dip over the last 24 hours.
It must be noted that bitcoin is not the only crypto affected by this sharp fall, since 94 out of the 100 largest cryptocurrencies by market cap according to CoinMarketCap are in red.
This sharp fall in the crypto market seems to have been caused by several factors. Firstly, investors do not seem to be satisfied with the results of the launch of Bakkt's physically-settled bitcoin futures.
In addition, the BTC network has recently experienced a significant fall of its hashrate (30%), probably caused by the disconnection of several mining farms in Kyrgyzstan and Kazakhstan.
The market cap of the crypto market has lost around $35B over the last 24 hours, and it does not seem the market is going to recover, at least in the short time, since all cryptos in the top 10 are registering 2-digit losses except for Tether, which has grown by 0.39%.
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