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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.
Updated Sep 14, 2021, 1:53 p.m. Published Jun 22, 2018, 9:55 p.m.
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.
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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.
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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.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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