Bitcoin Price Drop Continues, Loses $700 In Two Hours To Go Below $8K
Bitcoin has been making news for recreating almost half the amount it had when it made that 2017 run. However, recently, the cryptocurrency's value had been plateauing and even going down. Coin Desk reported that bitcoin had fallen again, this time below the $8,000 mark. Analysts point to a "sharp sell-off" as one of the major reasons why the crypto-coin had been flailing.
The monetary value behind the digital currency started going down late Monday evening, when it started with a sharp decline. The coin, however, held on strong, bucking a $700 loss in value due to the rally of a "strong volume."
This has been the prevailing trend for several days, which has seen bitcoin decline in value. It had previously closed out in the high $8,800s befor struggling significantly.
With a 8.17% decline, bitcoin is considered "struggling" and is trying to "find its footing" just under the $8,000 price tag. It is, however, notable that it is also struggling amidst high volatility, resulting in the $8K decline. It is also worth noting that it is curiously accompanied by a "huge uptick" in 24-hour trading volumes, leading to a 24-hour high of $21.5 billion in trade statistics.
Bitcoin is not the only coin to suffer in the losses this week. Most of those cryptocurrencies within the top 20 have reported moderate losses, showing that bitcoin influenced their rates in some way. The coin hasn't seen any changes, and is up by about a fraction of a percent.
According to Coin Telegraph, ether has kept steady at $249.42 per coin, showing a loss of 0.53%. It had decreased during the week as well at 2%. Bitcoin SV has been doing well, however, with an action pointing up, gaining around 17% in a short span of time.
The report revealed, however, that the total market capitalization remained almost the same as a week ago. According to analysts, the rate of all cryptocurrencies remained at $249.1 billion, in the same value that it was just a few weeks ago.
Bitcoin cash (BCH) had also undergone a "two-block" chain reorganization. From a "hard fork" on May 15, the value of the bitcoin had gone to 3,392 BCH (at $1.35 million) resulting from a double spend.
Other ranked cryptocurrencies such as ETH, BCH, LTC, and BNB have shown a decline from 5 to 12 percent on a 24-hour basis. EOS appears to have suffered the biggest drawdown in the top 10, with a drop of 12.4 percent recorded.