Bitcoin, the world’s largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10.
Data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647.
For traders, this means bitcoin’s two-month uptrend appears to be in question. Trading at around $6,700, bitcoin is now within striking distance of its 2018 low of $5,947 set in February.
This price decline is affecting all cryptocurrencies. The market for all cryptocurrencies now stands at $295 billion, down from $340 billion yesterday. The figure also marked a two-month low for the broader market. All cryptocurrencies listed show a 10-20 percent decline in price over the last 24-hours.