Bitcoin Plunges To $6,400 Amid Crypto Market Free Fall

Jun 13, 2018 at 23:00

The cryptocurrency market continued on its skydive led by the legacy Bitcoin (BTC) which plunged to the $6,400-level on Wednesday.

According to CoinMarketCap, BTC is trading at $6,494.62, down 4.92 percent as of this writing. Market cap of the leading token is now at $111.19 billion. BTC dominates 40.3 percent of the crypto market.

In a report by Bloomberg, Craig Erlam—a senior market analyst at London-based online trading firm Oanda Corp.— said there has been not enough market-lifting news to propel BTC.

“There doesn’t seem to be as much hype, or positive news. Every time we get a negative news story now—after a period of consolidation—we don’t see bullish sentiment come in to support it. It’s almost as if people are waiting to sell it,” he said.

While this is not the first time BTC fell below $7,000 this year, the token was seen at the $6,400-level in November 2017, before its run up to $20,000.

Altcoins were also struggling to find support, with Ethereum trading at $479.75 (-9.74 percent), Ripple at P0.541866 (-7.71 percent), Bitcoin Cash at $851.22 (-8.72 percent) and EOS at $9.85 (-10.36 percent).

Overall, the market capital is now at $275.91 billion, a significant drop from $340 billion last weekend.

The crypto market’s free fall is a continuation from the blood bath from over the weekend, where the market shed over $40 billion.