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 a full-time journalist 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. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.