Bitcoin Drops Below $6,400, Market Loses $22 Billion In 24 Hours

The valuation of the crypto market has fallen by $20 billion over the past 24 hours, and the price of the largest cryptocurrency Bitcoin dropped to $6,400.

The market recorded a steep fall from $274 billion to $252 billion and demonstrated a 7% decline in terms of value. Bitcoin, on the other hand, dropped from ,700 to ,400 and caused other major digital assets and small tokens to experience intensified movements on the downside.
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While Bitcoin lost 5% over the past 24 hours, the price of Ether which is the token of the Ethereum blockchain protocol dropped by more than 10%. Ethereum fell from $480 to $430 over the past 12 hours, dragging tokens and small cryptocurrencies along with it.

As we reported in our analysis a couple of days ago, a fall to the lower end of $6,000 was at the time “inevitable due to the low trading volume”. Our report read:

“Even though since July 2nd, we are seeing Bitcoin over the $6,000 region and constantly climbing, the leading cryptocurrency has also struggled to initiate a major movement on both the upside and downside, mainly because of the low daily volume of BTC.

So, in the short-term, it is likely for Bitcoin to fall to the lower end of $6,000 than to rise above $7,000 mark. In the mid-term, however, a major break could be recorded – and a large rally can be expected.”

Last week, the volume of bitcoin recovered to around $5 billion after dipping below $3,5 billion. This week, the volume dropped back to $3.9 billion while the volume of Tether rose from $1.6 billion to $3 billion.

In the upcoming days, a drop to $6,000 is very likely to happen – especially if the price of Bitcoin fails to rebound to the $6,700 in the next 24 hours.