Newsflash: Bitcoin Price Plunges Below $6,700, Crypto Market Dips Below $300 Billion

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The bitcoin price plunged below $6,700 on Sunday as the market endured a double-digit percentage sell-off.

The cryptocurrency markets had traded down for the majority of the weekend, and on Sunday morning the bitcoin price began to tumble toward the $7,000 mark. At approximately 17:30 UTC, support for that level began to evaporate, and bitcoin rapidly careened as low as $6,630 before experiencing a minor recovery to $6,724 when this article was written at 18:53.

bitcoin price
BTC Price Chart

For the day, bitcoin is down nearly 11 percent, while most large-cap altcoins have seen their prices fall by 12 percent or more. The rout briefly pulled the cryptocurrency market cap below $300 billion, though it is currently holding just above $301 billion.

As CCN reported this morning — when bitcoin was still trading above $7,200 — the price decline has correlated with significant decreases in trading volume over the past two months. This decrease in volume not only signals short-term uncertainty among investors but also primes the market for more violent price swings.

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock

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POSTED IN: Bitcoin Price News, News
Josiah is an assistant editor at CCN. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children. He holds investment positions in bitcoin and other large-cap cryptocurrencies. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.