Bitcoin continues sinking down – $6000 is within reach

Cryptocurrencies are diving again on Tuesday, extending a slump that began in earnest at the start of January. Bitcoin briefly fell below $6,000 at around 8.00 a.m. GMT (3.00 a.m. ET) for the first time since mid-November.

Hussein Sayed, chief market strategist at FXTM, said on Tuesday morning: 

"The most famous digital currency has fallen 69% from December’s record high, and almost 56% from the start of the year."

Ethereum, litecoin, bitcoin cash, and ripple are all posting double-digit percentage losses on Tuesday morning.

The latest sell-off follows reports in the last week that have raised worries about increased regulation, hackers and potential price manipulation at a major cryptocurrency exchange. On Friday, J.P. Morgan Chase, Bank of America and Citigroup also said they have decided to ban cryptocurrency purchases by their credit card customers.

SEC Chairman Jay Clayton said investors should remain cautious about investing in cryptocurrencies and gave an overview of the commission's efforts so far.

Scoreboard:

  • Bitcoin is down 11.1% to $6,131.33.
  • Ethereum is down 15.8% to $582.03.
  • Litecoin is down 13% to $108.40.
  • Bitcoin Cash is down 10.6% to $785.79.
  • Ripple is down 11.7% to $0.60.

Posted on: 06/02/2018