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 severe downward trend, 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 appears to have been priced into the market 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 here for a real-time bitcoin price chart.
Featured Image from Shutterstock
Follow us on Telegram or subscribe to our newsletter here.
• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.