Bitcoin gives up $8,000 and dives near 3-month low

Bitcoin fell in spot trading today, to continue to fall for the fifth consecutive day, giving up the $8,000 barrier to drop near a 3-month low, as the as the negative market sentiment continued which is reflected in weak demand levels and Bitcoin's dominance over the crypto market retreating.

At Bitstamp, Bitcoin fell by 1.3% or $100 to $7,763, from the opening of $7,863, with a high of $7,949.  

Bitcoin fell by 3.5% on Sunday, its fourth consecutive daily loss, to surrender the $8,000 barrier .

During the last week, Bitcoin shed 2.5%, its fourth weekly loss in a row, and the longest weekly loss streak this year, after the unexpected lackluster launch of the Bakkt platform.

The total market cap of cryptocurrencies fell by $2 billion today, to $213 billion, as Bitcoin and other major cryptocurrencies continued to fall.

The negative market sentiment continued which is reflected in weak demand levels and Bitcoin's dominance over the crypto market retreating.

Bitcoin's lead over trading in the crypto market fell to 66.5% today, its lowest level since the first of last August, as demand shifted to other major cryptocurrencies such as Ethereum and Ripple.

The lukewarm reception of the long-awaited Bakkt’s launch is a primary factor behind the recent drop for Bitcoin, while the institutional investors are still hoping for improvements and positive market movements.

Intercontinental Exchange Inc, owner of Bakkt, said that the platform has executed the first block trade of Bitcoin futures contracts between Galaxy Digital and XBTO on October 1st, which can accommodate large trades.

Fundstrat co-founder, Tom Lee, said that Bitcoin moves positively when the US stocks rise, and pointed out that Bitcoin becomes a risk-on asset against global turmoil in some cases, Lee also cited the recent drop of S&P 500 and its relation with the Bitcoin, and said that he's closely monitoring Bitcoin's moves in the next few weeks.