Menu
Real Time Cryptocurrency News & Analysis

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.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.