Newsflash: Bitcoin Price Drops to $6,180 as Market Hits 3-Week Low

August 8, 2018 18:05 UTC

The bitcoin price took another major downward pivot on Wednesday, forcing the value of the flagship cryptocurrency to a three-week low.

Bitcoin spent the majority of the morning and early afternoon trading near $6,500 but proved unable to sustain that level heading into the evening. Following a thirty-minute stretch that saw BTC/USD shed close to $70, bitcoin took a $245 plunge at approximately 16:40 UTC, ultimately declining as low as $6,180 on cryptocurrency exchange Bitfinex.

BTC/USD | Bitfinex

Bitcoin had already entered the day firmly in the red, thanks to a Tuesday sell-off that correlated with the U.S. Securities and Exchange Commission’s announcement that it would delay ruling on the VanEck/SolidX Bitcoin ETF until at least the end of the September.

That price drop was met with bewilderment in many cryptocurrency circles, as most mainstream analysts expected the SEC to delay the ETF ruling, and several major investment firms had predicted the agency would not likely approve a bitcoin ETF in 2018.

Nevertheless, clearer heads did not prevail on Wednesday, perhaps revealing that traders had prematurely priced in a bitcoin ETF approval that is unlikely to materialize in the short-term.

Click here for a real-time bitcoin price chart or here to read CCN’s latest cryptocurrency market roundup.

Featured image from Shutterstock. Charts from TradingView.

Last modified: August 8, 2018 18:52 UTC

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@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.