The bitcoin price dipped below the $6,000 mark on cryptocurrency exchange Bitstamp, forcing the flagship cryptocurrency to a six-week low.
The market had made a lukewarm recovery earlier in the day, with bitcoin creeping up to $6,600 and other large-cap cryptocurrencies following suit.
However, as CCN reported earlier today, bitcoin remains trapped in a , with investors increasingly resigned to the fact that the SEC does not appear likely to approve a bitcoin ETF in the near future. While unsurprising to most analysts, this nevertheless during the rally that occurred throughout July, leading to the present sell-off in early August.
Against this backdrop, the bitcoin price proved unable to make a push back toward $7,000 and began to tumble from the $6,350 level shortly after 20:45 UTC. Within minutes, BTC had dropped below $6,150, and by 21:00 it was fighting just to stay above $6,000.
It managed to hold that mark on Bitfinex, dropping as far as $6,010, but no further. On Bitstamp, however, BTC could not hold the line, and at 21:09 UTC the bitcoin price dipped to $5,995, falling below $6,000 for the first time since June 29.
Click for a real-time bitcoin price chart.
Featured Image from Shutterstock
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Published at Fri, 10 Aug 2018 21:50:31 +0000
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