Bitcoin price (BTC/USD) hits 19-day low

Bitcoin (BTC) has dipped below $7,000 once again to hit a 19-day low of roughly $6,950 over the weekend, dashing investors’ hopes of another rally.

Bitcoin price (BTC/USD) hits 19-day low

Bitcoin is currently struggling to keep its head above the $7,000 watermark, following a bad weekend which saw the world’s number one cryptocurrency, in terms of market cap, shed about 10 billion in value in just a couple of days.

The value of a single Bitcoin nosedived to $6,890 on Bitfinex yesterday (Sunday), which is its lowest price since July 17, before recovering somewhat to end the day (as per UTC) at $7,025.

At time of writing (4pm, ET, Monday), one BTC is fetching an average of $6,954.68, according to data from CoinMarketCap (see below), down 1.6% in 24 hours.

Bitcoin Aug 6

The reasons behind Bitcoin’s recent bearishness remain unclear; in fact, many were optimistic about the coin’s future last week for a few reasons.

For one, on Friday of last week, the Intercontinental Exchange, which is the parent company of the New York Stock Exchange, hinted at plans to launch a new company that enables ‘consumers and institutions to buy, sell, store and spend digital assets on a seamless global network’, which one would expect to spur a surge.

In addition, Ali Hassan, one of three cofounders of U.S. asset manager Crescent Crypto, said he believes that the U.S. Securities and Exchange Commission (SEC) could approve a Bitcoin (BTC) Exchange-traded fund (ETF) within the next 18 months.

Some say the price is still reeling following the news, two weeks ago, that the Winklevoss twins’ application for a Bitcoin ETF was denied for the second time by the SEC.

Crypto downtrend

However,  it could just be a case of what goes up, must come down; indeed, the entire cryptocurrency market has been on a general downtrend for most of 2018 after Bitcoin reached a high of nearly $20,000 in January.

Top ten Aug 6

Unsurprisingly, Bitcoin futures have also kicked off the week on a bad note.

The Cboe Global Markets Inc. August contract XBTQ8, -6.83%  finished Monday down 6.4% at $6,920 and the CME Group Inc.’s August contract BTCQ8, -6.51% closed the day down 6.2% at $6,920, respectively.

Altcoins (coins other than Bitcoin) are also well below Friday’s closing levels.

Ether ETHUSD, -0.33% is down 1.7% to $403.44, Bitcoin Cash BCHUSD, -0.71% is trading down 3.1%, at $689.60, Litecoin LTCUSD, -0.91% is down 1.1% at $73.64 and Ripple’s XRPXRPUSD, -0.55% is trading 3.5% lower at 42 cents, respectively.

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