Newsflash: Bitcoin Price Careens Below $6,000 as Downturn Worsens

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
June 29, 2018

The bitcoin price careened back below $6,000 on Thursday, once again igniting fears that the six-month-long cryptocurrency sell-off has not yet driven the bears to exhaustion.

As CCN reported this morning, cryptocurrency volume has tapered off significantly throughout 2018, and this lack of volume does not bode well for the prospects of a market recovery.

BTC Price Chart

As if on cue, the bitcoin price — which had hovered around $6,100 for the majority of the day — dunked below $6,000 at approximately 21:00 UTC and continued to trade down from there. By 23:45, bitcoin had sunk as far as $5,873, and it continued to hold near that level at the time of writing at 00:15 UTC on Friday morning.

Bitcoin currently has a $101.3 billion market cap, which translates into a 42.6 percent share of the index. The aggregate value of all cryptocurrencies has declined to $237.6 billion, representing a 24-hour decline of five percent.

Click here for a real-time bitcoin price chart or here to view cryptocurrency market cap statistics.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.