Home » Cryptocurrency » Bitcoin price (BTC/USD) drops below $6,500 amid larger crypto downtrend

Bitcoin price (BTC/USD) drops below $6,500 amid larger crypto downtrend

Dimitar Bogdanov
  • November 8th, 10:01
  • Last Updated: October 11th, 13:42

The Bitcoin price (BTC/USD) has dropped below the $6,500 level on Thursday, amid a large-scale price correction that has affected most digital currencies on the market.

The original cryptocurrency enjoyed some strong positive price action in yesterday’s morning session, as it topped the $6,500 mark for the first times in six days and hit a more than two-week high of $6,552.16. While the digital coin wasn’t able to maintain this momentum during the afternoon portion of the session it managed, relatively comfortably, to held above $6,500. The coin eventually finished the session at $6,530.14, well above its opening level of $6,468.50.

The situation changed shortly after the start of today’s session, as the Bitcoin price saw a steep correction that resulted in a drop to sub-$6,500 levels. The coin fell to as low as $6,472.80 earlier in the session. At the time of writing, the Bitcoin price was hovering around $6,480, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s decline appears to be part of a larger downtrend observed across the digital currency market. Most major digital coins have posted significant losses over the past 24 hours. Altcoins like Ripple (XRP) and Bitcoin Cash (BCH), which were among the biggest gainers in the past few days, has suffered the biggest price corrections. The total valuation of the crypto market, which reached a near one-month high of $220.7 billion yesterday, has now fallen to around $216 billion.

In today’s trading, the Bitcoin price stood at $6,483.78, as of 10:03 GMT. The digital coin has lost 0.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $112.6 billion, which represents 52.1% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

About the author

Dimitar Bogdanov
Dimitar Bogdanov
I have been a journalist for Invezz since 2012 and am one of the oldest on the team. My focus is on cryptocurrencies as well as general equity markets, although my experience is broad overall.

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