Over the past 24 hours, it is evident that there is a major downward turn in the cryptocurrency market, forcing the price of Bitcoin to go below $6,500 and the price of Ethereum to go below $500 accordingly. This makes the Bitcoin price one step closer to its year-to-date low.
Even though the day started well and some of the major cryptocurrencies took an upswing after the ‘Bloody Sunday’ where more than $40 billion was wiped off the cryptocurrency market cap, it seems like the market failed to sustain the brief recovery.
Everything began in the morning, starting from the Ethereum price which fell below the psychologically significant $500 mark and the price of Bitcoin which fell to less than $6,500 (and is still sinking).
The market cap has lost more than $50 billion with this drop – sinking the major cryptocurrencies below their support points. No one knows what is the precise trigger for this decline – or until when will the major cryptocurrencies sink.
What we know is that many bullish predictions have been made about institutional investors entering the markets over the past couple of weeks – and everything failed to materialize with actual investments and actual news.
Currently, the price of Bitcoin is valued at $6,303 and the Ethereum price sits still at $459.
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