The Bitcoin price just fell below $6,800 as the market endured a major sell-off. This Sunday, the Bitcoin price was even lower than $6,700 at some moments and at approximately 17:30 UTC, the support for that level began to evaporate – with Bitcoin rapidly careening as low as $6,630 before experiencing a minor recovery to $6,724.
Bitcoin was down nearly 11% for the day, and most of the large-cap altcoins followed this bearish trend – falling by more than 12%. Ethereum, for example, dropped 14$ to near $514 and Litecoin fell more than 11%, plunging to around $104.
The downfall trend also pulled the cryptocurrency market cap below $300 billion – and currently, it is valued at $296 billion.
According to some experts, the significant decrease in trading volume over the past two months is one of the factors for the volatility of Bitcoin – which signals short-term uncertainty among investors and primes the market for more violent price swings.
This is a two-month low for the leading cryptocurrency. When it comes to the reasons why this occurred, many people point out to the Coinrail hack (a South Korean cryptocurrency exchange).
The low of $6,647 was the lowest level of the Bitcoin price since April 9th, according to the Bitcoin price index – and continued with a major sell-off. Currently, the largest cryptocurrency by market cap remains about 50% lower for the year.
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