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Bitcoin Price Dips to Two-Month Low Below $7K
The price of bitcoin is now trading at its lowest total since April, hours after dropping roughly $500 according to the CoinDesk Bitcoin Price Index.
The price of bitcoin dropped $500 in a single hour Sunday to hit a two-month low below $6,700.
According to CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10.
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Indeed, data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647.
For traders, this means bitcoin's two-month uptrend appears to be in question. Trading at around $6,700, bitcoin is now within striking distance of its 2018 low of $5,947 set in February.
With the bitcoin price declining, so too has the market for all cryptocurrencies, with now stands at $295 billion, down from $340 billion yesterday. The figure also marked a two-month low for the broader market.
Nearly all cryptocurrencies listed show a 10-20 percent decline in price over the last 24-hours.
Bitcoin and US dollars via Shutterstock
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
