Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

6 Countries With the Most Bitcoin Hodlers
       By JP Buntinx

6 Countries With the Most Bitcoin Hodlers By JP Buntinx

The Bitcoin cost for ETC now, is 0.00181654 BTC. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Bytecoin using one of the exchanges listed above. "There's lots of great fundamental news about the development of cryptocurrencies right now, but that's going to take time to filter through and impact on price".

Range bound and in the red through the day, a late in the day recovery limited the losses for the day, while the extended bearish trend remained intact, with Litecoin continuing to fall well short of the 23.6% FIB Retracement Level of $81.

CEO of BitMEX, Arthur Hayes, said in mid-August that the price of Ethereum was being backed by the ICOs that happened beginning in early previous year.

The Ethereum (ETH) price has continued to decline and is down a further 3.2% to US$218.95 per token. No one is quite sure what happened yesterday, and some suspect an ethereum-based ICO might have cashed out.

Earlier in May, The New York Times reported that Goldman Sachs is going to launch a cryptocurrency trading desk.

Unfortunately, investors long on Bitcoin were, on Wednesday, shocked when Bitcoin prices sharply dropped by over Dollars 300 in a matter of minutes. BCH markets are down 8.6 percent over the last 24-hours and 2.9 percent over the last week.

In today's trading, the Bitcoin price stood at $6,419.24, as of 11:36 BST. "Many market observers have stated that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings". The top trading platforms with the most BTC volume include Bitflyer, Bitfinex, Binance, Bitmart, and Coinbase Pro.

As is common in the crypto market, the drop caused a ripple effect, and in that time over $40 billion was shed from the market capitalization of all cryptocurrencies.

Bitcoin (BTC) dropped below $7,000 this morning (More than $300 in an hour) and many are panicking on the prospects. On social media, telegram channels, and Reddit forums most traders do not believe this dump had anything to do with some silly decision Goldman Sachs made. Many coins are in the same boat as ETH, or worse.

Even on a day when BTC goes from $7,377 down to $6,776 USD Bitcoin has a way to make itself feel special.

We say that whatever the reason behind this sharp drop, it is surely opening new dimensions for the crypto world. Let us know your thoughts in the comments section below.

This article is for general information purposes only.

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