Over the past 24 hours, more than $14 billion has been wiped out of the crypto market as Bitcoin (BTC) dropped by five percent.
Bitcoin, the most dominant cryptocurrency in the market in terms of price, market cap, and volume, demonstrated the smallest loss out of all major cryptocurrencies. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and many other cryptocurrencies recorded losses in the range of 7 to 15 percent.
Why is Crypto Tanking?
Cryptocurrencies have been in a bear market since January 2018 and have not initiated a proper mid-term recovery since then.
The $6,000 level of BTC was well defended for more than six months and each time BTC dipped to the range of $5,800 to $6,200, it rebounded back to the mid-$6,000 region.
This week, as CCN reported, BTC had two possible scenarios: defend the $6,000 resistance level by turning it into a support level with strong short-term momentum or risk falling to the lower region of $5,000.
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