Bitcoin Saw a Net Capital Outflow of $270 Million within 10 Hours, But Market Still Looks Promising

The rate at which the price of Bitcoin and altcoins keep falling, is not only surprising to say the least. BTC in the company of other altcoins move from $3000 range to above $13,800 in a bull run predominantly linked to increasing adoptions.

Afterward, bitcoin started witnessing a massive pullback that resulted in the digital asset losing enormous value within few days.

Today alone, Bitcoin had traded around $10,600, before jumping boisterously below $10,000, and afterward go past $10,500.

Data extracted by CoinNess.com between 00:00 to 10:00 (UTC) today revealed that Bitcoin saw a massive capital net outflow of over $270 million, followed by Ethereum and Litecoin, which saw $84.76 million and $59.88 million respectively. All these happened within 10 hours alone.

The massive price drop in the cryptocurrency space is coming just at a time when the community received two great news from Binance and TD Ameritrade.

Yesterday, the U.S. Commodity Futures Trading Commission (CFTC) has granted derivatives clearing organisation (DCO) license to TD Ameritrade backed ErisX.

The announcement reflects that the firm can now unveil cryptocurrency futures products that is in compliance with the US regulation.

Aside that, Binance announced it will soon launch futures trading. The largest crypto exchange disclosed this at the Asia Blockchain Summit in Taipei.

On Tuesday, as revealed by Coinbase, Changpeng “CZ” Zhao, who founded the cryptocurrency exchange said the platform is to be launched in the next few week.

The announcement is coming on the heels of a margin trading platform launched in June by the popular exchange.

Meanwhile, at the time of writing, Bitcoin Price (BTC) is trading around $10,657, with 3.86% added value in the last 24 hours. On the 26th June, Bitcoin traded around $13,800 before dumping to $12,467.

With the look of things, Bitcoin appears to be regaining its lost momentum. Some notable analysts are not doubting that the digital currency is in a bull run despite the close to 30% pullback that it Bitcoin witnessed.