Bitcoin Price Tumbles Below $9K – Recording $1000 Loss In 5-Days

The crypto investors suffer from hard days recently, as the primary cryptocurrency tumbled approximately $1000 over the past five days.

After a long battle to maintain the $9K mark, Bitcoin finally lost, and immediately plunged to $8816 on Binance Futures exchange, which is the current daily low, as of writing these lines.

Aside from a quick glitch on June 15, the last time the price of Bitcoin was trading below the $9000 mark was exactly a month ago, on May 27, 2020.

Wall Street Nightmares

Yesterday, the USA recorded its highest daily number of new COVID19 cases. The global fear from a second wave had sent the markets for a deep dive on Friday.

U.S. major indices finished the Friday trading session with an average decline of 2.5%, while Facebook (FB) stock dropped more than 8%. Unfortunately to the Bitcoin bulls, the primary cryptocurrency is recently following the markets, despite the fact that as it seemed yesterday, Bitcoin nicely held the $9000 – $9200 price area, today was a different story.

BTC/USD 5-day chart. Source: TradingView

Altcoins Suffer More

While Bitcoin sees a daily 3% price drop, according to CoinGecko, major altcoins bleed even more.

Ethreum, the second biggest crypto by market cap, is losing 5.5%, trading around $218. Ripple (XRP) is following the same price drop as ETH, and currently trading for $0.173.

Of the top 20 altcoins, Bitcoin SV is suffering from the highest drop with over 15% loss over the past 24 hours to $145.

Cryptocurrencies overview. Source: Coin360
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