Bitcoin (BTC) took another massive hit as its value continues to sink deep into the red. The crypto market is currently in the hands of the bears as even the top digital currencies are plunging deeper. The value of bitcoin has significantly reduced over the past twenty-four hours, and it is now trading below the $6k mark.
Also, Ethereum is now trading below be its previous support level at $420 while Ripple (XRP) is trading at 44 cents. Some analysts have predicted that the value of bitcoin will continue to drop, and some are suggesting that it could have found a new bottom.
Bitcoin Price Today: Current Price of BTC
At the time of writing, the digital currency is trading at $5,890 after a decrease of 3.4 percent in the last twenty-four hours, and a decrease of 10.15 percent over the last seven days. The current market cap of the coin is $101.27 billion with a trading volume of $3.64 billion over the last twenty-four hours.
Why Is the Value of Bitcoin Heading South?
Over the past couple of weeks, the digital currency market has taken a bit of a battering in world media, with two significant hacks rocking the confidence of traders. Bitcoin (BTC) has also encountered a series of regulation speculations and the tensions of traders are rising.
A few days ago, there was a news that BTC worth over $20 million was seized by the Department of Justice from illegal vendors on the Darknet. The agent claimed to have seized digital currency mining devices, narcotics, weapons, $3.6 million, and over 2000 BTC worth over $20 million.
These are some of the factors that are contributing to the downfall of the digital currency. Also, the value of the coin may decline further after the most recent comments from the chairman of Alibaba – Jack Ma, advising crypto traders to avoid trading in Bitcoin.