Crypto Winter Continues? Bitcoin Plunges Below $ 6,000, While Ether Hits A 9-Month Low
It’s a bloody Tuesday for the cryptocurrency market. The price of bitcoin plunged below $6,000—for the first time since June—amid the broad sell-off, a move that stokes fear among crypto investors who hastily bought into bitcoin and other cryptos late last year.
The most valuable digital currency fell as much as 6.2 percent over the last 24 hours to $5,887 at around 3p.m., GMT +8, according to Bloomberg composite pricing. And bitcoin has recovered its dominance in the market to 53.7 percent, hitting over 50% for the first time in 2018 as most altcoins have plummeted in value.
All 100 biggest cryptocurrencies tracked by Coinmarketcap.com saw declines over the past 24 hours. Ether, the cryptocurrency that powers the ethereum blockchain, sank as much as 17 percent to be traded at$266 at the press time, crashing to a 9-month low. Also, the second largest cryptocurrency has been down over 28% this week and tumbled more than 33% this month.
Besides, Ripple was down 13%, while Bitcoin Cash recorded a 14 percent 24-hour depreciation. At this point, the crypto market cap drops to 193 billion, a new 2018 low. And the value of a lot of shitcoins or ‘air coins’ are on the brink of dropping to zero.
The world of cryptocurrency has sustained a short-lived recovery in July fueled by the hopes that a bitcoin exchange-traded fund (ETF) would be approved in August by the U.S. Securities and Exchange Commission. But a delay on the decision disappoints both retail and institutional investors , initiating the large sell-off recently.
And a cash-out from ICOs has been blamed on the Ether’s dramatic price drop. Blockchain Capital’s Spencer Bogart told Bloomberg that “Investors are increasingly disillusioned with tokens and ICOs, most of which have been launched on top of Ethereum and we’re seeing this play out in the market with continued downward price pressure”.
“ Winter has not come and spring is still far away. But most investors can hardly get through the bear market.”said Zhao dong, the bitcoin tycoon in China.