Bitcoin Price Drops Sharply Below $10K, Marking New Weekly Low

The price of Bitcoin (BTC) has dropped dramatically today, falling by $600 at 6:00 p.m. UTC on Aug. 28.

In the course of an hour, the Bitcoin price sank from $10,269 to $9,630, but is currently attempting to stage a recovery. At press time, the coin is trading at $9,721.

Bitcoin price. Source: Coin360

Bitcoin’s current position marks a weekly low for the seminal cryptocurrency, after hitting a seven-day high of $10,791 on Aug. 20. On its 30-day chart, the coin is down to just above where it started at $9,519 on July 28.

The recent drop in price follows news that Bakkt — the much-anticipated Bitcoin futures platform — will let clients start depositing assets in its custodial offering Bakkt Warehouse on Sept. 6. Earlier this month, Bakkt announced that trading in its physically-delivered Bitcoin futures contracts would begin on Sept. 23. 

Chicago Mercantile Exchange Group’s managing director Tim McCourt recently said that Bitcoin futures saw an average daily volume of $515 million in May 2019. On May 13, Bitcoin traded a record daily volume of 33,677 contracts, equivalent to over 168,000 BTC.