Bitcoin Breaks Below $7K to Fall to 50-Day Low

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The price of bitcoin is back below $7,000 and trading at its lowest price since Feb. 7.

According to CoinDesk’s Bitcoin Price Index, the world’s largest cryptocurrency is changing hands at $6,700, a move that follows its steady decline from around $8,000 since the start of the Mar. 29 trading session, a 15 percent dip within a day.

Stepping back, that price puts bitcoin at a 51-day low, down 42 percent from its recent high at $11,660 on Mar. 5, and 60 percent from its 2018 high of $17,144 observed on Jan. 7.

However, the 2018 low of bitcoin still remains at $5,947 on Feb. 6, according to CoinDesk’s data.

Still, bitcoin’s drop also follows a broader market decline.

Data from CoinMarketCap shows the market capitalization of all cryptocurrencies is now at a three-month low of $256 billion, a 70 percent decline since its 2018 high above $800 billion in early January.

Indeed, the top 20 tokens are all showing a 10 to 20 percent sell-off within the last 24 hours.

As reported before, the second to fourth largest cryptocurrencies by volume – ethereum, ripple and bitcoin cash – have all hit 2018 low. Earlier in today’s trading session, the price of ethereum also broke below $400, the first time since November last year.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/bitcoin-breaks-7000-to-50-day-low-amid-market-sell-off/

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