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The crypto investors suffer from hard days recently, as the primary cryptocurrency tumbled approximately $1000 over the past five days.
After a long battle to maintain the $9K mark, Bitcoin finally lost, and immediately plunged to $8816 on Binance Futures exchange, which is the current daily low, as of writing these lines.
Aside from a quick glitch on June 15, the last time the price of Bitcoin was trading below the $9000 mark was exactly a month ago, on May 27, 2020.
Wall Street Nightmares
Yesterday, the USA recorded its highest daily number of new COVID19 cases. The global fear from a second wave had sent the markets for a deep dive on Friday.
U.S. major indices finished the Friday trading session with an average decline of 2.5%, while Facebook (FB) stock dropped more than 8%. Unfortunately to the Bitcoin bulls, the primary cryptocurrency is recently following the markets, despite the fact that as it seemed yesterday, Bitcoin nicely held the $9000 – $9200 price area, today was a different story.
BTC/USD 5-day chart. Source: TradingView
Altcoins Suffer More
While Bitcoin sees a daily 3% price drop, according to CoinGecko, major altcoins bleed even more.
Ethreum, the second biggest crypto by market cap, is losing 5.5%, trading around $218. Ripple (XRP) is following the same price drop as ETH, and currently trading for $0.173.
Of the top 20 altcoins, Bitcoin SV is suffering from the highest drop with over 15% loss over the past 24 hours to $145.
Cryptocurrencies overview. Source: Coin360
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The post Bloody Weekend: Bitcoin Price Tumbles Below $9K – Recording $1000 Loss In 5-Days appeared first on CryptoPotato.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.