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Bitcoin Slumps to 3-Month Low Below $6K
Bitcoin prices plunged to a 12-week low below $6,000 this morning, reporting double-digit percentage losses amid a continued crypto market sell-off.
Bitcoin prices plunged to a 12-week low below $6,000 this morning, reporting double-digit percentage losses amid a continued crypto market sell-off.
Prices on CoinDesk's Bitcoin Price Index (BPI) fell as low as $5,967.34 at 07:59 UTC – the lowest level since Nov. 13. As of writing, the world's largest cryptocurrency by market capitalization is changing hands at $6,156, down around 22 percent on a 24-hour basis.
STORY CONTINUES BELOW
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The sell-off has been significant, as indicated by the $1,000 drop seen between 00:45 to 05:00 UTC. Further, during the same time period, the market capitalization of bitcoin dropped more than $11 billion to $106 billion. The total market capitalization of all cryptocurrencies has also fallen to $282.40 billion – the lowest level since Nov. 26.
Meanwhile, the remaining top 10 currencies by market cap are down at least 20 percent each. NEO has depreciated by 36 percent in the last 24 hours, according to data source CoinMarketCap and is the biggest loser in the top 10.
In the top five, ethereum's ether token is down 29 percent, Ripple's XRP is down 24 percent, bitcoin cash has lost 28 percent and cardano is down 24.
Chart on phone image via Shutterstock
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
