Bitcoin drops below $6000 again, as a night of losses hits cryptocurrencies…
It’s been another testing 24 hours for major cryptocurrencies, with heavy losses pretty much right across the board recorded.
Suffering perhaps the least of the top ten coins has been Bitcoin, but even that fell beneath a notable milestone. For the second time this year, the price of Bitcoin fell below $6000, and whilst it’s recovered a little at the time of writing, it’s still trading some 5% down on yesterday, at $6018.
Elsewhere though, drops have been savage. The highest fallers of the top ten cryptocurrencies have been Tronix (down 18%), Ethereum Classic (down 17.3%) and QTUM (down 16.7%). Not a single coin in the top 25 has escaped the heavy falls.
Why is it happening? Well, the blame in part at least seems to be on investors who are selling their cryptocurrency. Towards the back end of last year, as prices were soaring, investors put their money into crypto, and the ICO boom followed quickly. But following what’s been a testing few months for Bitcoin and cryptocurrencies across the board, it’s now believed that many people who put their money into crypto at the end of last year have decided to get out and sell up. That they’re cutting their losses.
Attention inevitably turns back to the US Securities and Exchange Commission, whose decision to delay ruling on a possible Bitcoin exchange traded fund (ETF) until September appeared to trigger this current run of price falls too.
It’s believed that if the SEC ultimately give the fund the nod, it’ll add a welcome level of added legitimacy to cryptocurrencies for investors, and is likely to attract more interest. Since the SEC stalled on its decision a week or two back, prices have suffered.
September, for many, can’t come quickly enough.