Bitcoin Price Hits $8.8K Only to Crash in a 'Logistical Move'

Bitcoin price traded broadly lower on Oct. 11 after sudden volatility broke a sideways trend in place since earlier in the week.

Daily losses for Bitcoin totaled 2.3% at press time, while the largest cryptocurrency remained up 2.6% versus the same point last week.

Markets broadly shook off events which commentators assumed would impact them.

Specifically, the decision by U.S. regulator the Securities and Exchange Commission to reject the latest Bitcoin exchange-traded fund failed to dent sentiment.

Previous ETF denials had piled downward pressure on Bitcoin, suggesting markets this time had already price in a negative decision.

For the short-term future analysts assumed it would be business as usual for Bitcoin.

Regulator Cointelegraph contributor and market analyst Michaël van de Poppe eyed a narrower trading corridor centered on $8,300.

For altcoins, a day of underwhelming returns for Bitcoin translated into similarly lackluster performance.

Trending in line with BTC, the major of the top twenty cryptocurrencies posted daily losses of 2-3%. Ether, the largest altcoin by market cap, fell 1.7% to $186, better than most, while Binance Coin and Bitcoin Cash lost closer to 3%. XRP also bucked the trend, staying stable at 0.7% lower.

The overall cryptocurrency market cap was $226 billion at press time, with Bitcoin's share slightly down at 66.8%.Keep track of top crypto markets in real time here.