RATE Group | Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward
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Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward

08 Aug Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward

Posted at 04:10h in Cryptocurrency News by

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Wednesday, Aug. 7 — Most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as Bitcoin (BTC) briefly broke the $12,000 mark and subsequently fell.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

The Bitcoin price is currently down 0.67% on the day, trading at $11,673, according to Coin360. Looking at its weekly chart, the coin is up by about 17.27%.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

As Cointelegraph reported earlier today, the correlation between Bitcoin, often referred to as digital gold, and physical gold has almost doubled in the past three months.

While the seminal cryptocurrency is down today, it has been in a general uptrend for the past several months, as more investors are using it as a hedge or safe haven from financial instability fomented by geopolitical tensions.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $23.8 billion. The second-largest altcoin, Ripple’s XRP, has a…

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