Bitcoin Sharply Drops nearly 20% to 8k, Heading towards 5k

Cryptocurrencies turn steeply lower, with bitcoin dropping 12% to below $8,673.56, its lowest point since June 15.

Ethereum slides 13% to $174.89 and Ripple slips 11% to $0.2386.

Along with the crypto decline, Grayscale Bitcoin Trust (GBTC) sinks 11% to $10.83, and MGT Capital Investments (OTCQB:MGTI) loses 7.4% to 3 cent

Over the past several hours, bitcoin prices fell from $9,750 to as low as $8,590— a downswing of over 10%. According to data from Rekto, over the past 24 hours, derivatives exchange BitMEX saw over $380 million worth of XBT Perpetual Swap contracts liquidated. The low represents a new bottom over the past three months.

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