Bitcoin falls back below USD $ 6,000

Bitcoin falls back below USD $ 6,000 

Last updated on June 30th, 2018

The crypto market in general fell between yesterday and today. 93 of the 100 main cryptocurrencies are low.

Another bad day for Bitcoin and the main cryptocurrencies. Today again they returned to low dawn, after they had managed to recover a bit from the decline last weekend, when Bitcoin reached its worst price of the year. At the moment it has prices similar to that fall of June 24. In fact, a few hours ago it had the worst price of the year so far: USD $ 5,835.

When it is 8:00 am in New York, Bitcoin has a price of USD $ 5,884.38, 3.46% less than yesterday at the same time. The number of operations exceeds USD $ 3.7 billion between yesterday and today. The main exchange is Binance (which yesterday reopened its doors, after a temporary closure for operational reasons), followed by Bitfinex and OKEx.

Other falls to note are those of Ethereum which fell by 5.11%, Ripple by 5.95%, Bitcoin Cash by 5.57%, EOS by 6.67%, Litecoin by 5.74%, Stellar by 7.32% % and Cardano in 7.47%. In total, the market capitalization of the almost 1600 cryptocurrencies is now at USD $ 234 billion, about USD $ 10 billion less than yesterday at the same time.

Few transactions
Fundamentally, the fall in prices is due to the low volumes of transactions, compared to what the main cryptocurrencies had just weeks ago. This slows down competition for prices (in a market that is fundamentally reactive) and no one pushes them up. It is enough to compare what has been the daily volume of exchanges in the last two in the entire crypto market: while at the beginning of May the volume of exchanges per day exceeded USD $ 25 billion, today it is USD $ 11 billion, that is, , it does not even reach half. And to say nothing of comparing it with what the market was at the beginning of January, when they exchanged USD $ 43 billion in one day, that is, 4 times the current volume.

It is worth mentioning that this factor is the product of everything that has happened in the context of the crypto market in the last month: from hacks and regulations in Japan, to accusations of market manipulation, among other news.

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