The Bitcoin price fell to its lowest point since February 6th this year, hitting $6,298 in a slide which marks the struggle to find a stable support level.
The days after the ‘Bloody Sunday’ where cryptocurrencies lost more than $40 billion seem to have continued for all major coins. While the losses were not as pronounced as the other major cryptocurrencies, the Bitcoin price suffered by falling to its lowest level in 2018 this Wednesday.
In only one hour, the Bitcoin price managed to fall by 2% and currently, it is still sinking – being $6,298 at press time with a market cap of $108 billion. The Ethereum price also fell below $450 this Wednesday, as well as other major cryptocurrencies.
One of the cryptocurrencies that saw the biggest loss over a 24 hour period was IOTA, losing more than 14.6% of its value and now being 30.3% down over the last 7 days. According to some data from Coinmarketcap, the overall market cap is now valued at $265 billion which is about $50 billion short of what it was a week ago – and more than $450 billion shorter from its all-time high of $835 billion earlier this year.
Right now, no one knows if this downfall trend will continue. An analyst and the founder of Onchain Capital (as well as host of Cryptotrader on CNBC Africa) was on CNBC’s Fast Money a couple of days ago, predicting that Bitcoin is likely to see a further downward movement that is relative to the US dollar and that it may go as low as $5,900.
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