Bitcoin Falls Below $8,000 This Week

Cryptocurrency bitcoin saw its price drop 15% to below $8,000 for the first time since June.

The digital currency tumbled as much as 15% to $7,944.33 on Tuesday according to industry site CoinDesk, its lowest level since mid-June.

Brian Kelly, the CEO of BKCM, spoke to CNBC and said that $9,000 was a “major support” level — when bitcoin broke broke below that, a “wave of selling” was triggered.

Other alternative cryptocurrencies also fell with Ether and Litecoin falling as much as 20%.

It was days ago that the Intercontinental Exchange, parent company of the New York Stock Exchange, launched its bitcoin futures contracts.

According to Joe DiPasquale, the CEO of BitBull Capital, the price breakdown was partially due to a “lukewarm” reception of the new bitcoin derivative.

“Bakkt’s futures will gather traction in time and it is too early to judge the service based on initial volume,” DiPasquale said. “Ultimately, Bitcoin’s fundamentals remain strong and we expect the price to recover back towards $10,000 in the coming days.”