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Bitcoin Price Falls to New 2018 Low
The price of bitcoin slid below $6,000 on Friday, hitting a new low for 2018.
The price of bitcoin slid below $6,000 on Friday, hitting a new low for 2018.
CoinDesk's Bitcoin Price Index (BPI) fell to $5,938.18 at 21:51 UTC, surpassing the prior low of $5,947, which occurred on February 6.
STORY CONTINUES BELOW
As of press time, that figure had risen above that low, with the price of bitcoin averaging $5,977.02, BPI data indicates. All told, the price of bitcoin has declined more than $700 since the start of the day's trading.
The cryptocurrency's market capitalization has also dipped, sliding to $102 billion – its lowest of the year – according to the BPI.
As analysis previously suggested, market bears may be back in force following the recent push above $6,700. CoinDesk's Omkar Godbole wrote earlier Friday that earlier technical charts showed the potential for a drop below $6,000.
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry.
Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
Sam Ouimet
Junior markets editor for CoinDesk, the global leader in blockchain news.
Disclosure: I currently own BTC, LTC, ETH, ZEC, AION, MANA, REQ, AST, ZIL, OMG, 1st, and AMP.