RATE Group | Stormy Markets — Volume Picks Up As Bitcoin (BTC) Drops To $6,200
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Stormy Markets — Volume Picks Up As Bitcoin (BTC) Drops To $6,200

08 Aug Stormy Markets — Volume Picks Up As Bitcoin (BTC) Drops To $6,200

Posted at 20:29h in Ethereum News by

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The cryptocurrency market has had it tough over the past days, with market leaders like Bitcoin and Ethereum posting near-20% losses over the past 7 days.

Bitcoin Breaks Through Support at $6,800, Hits Low of $6,175

“Stormy” could be a word used to describe the state of the market, but to some this description of the market may be a smidge too kind.

Bitcoin fell to nearly $600 from $7,100 just yesterday as the SEC announced that it would be delaying its verdict on the VanEck-backed ETF. While it broke the vital $6,800 support, which many technicians see as a key level which Bitcoin should hold, it looked like it found someplace to stand in the ~$6,500 range.

However, as the market moved into Wednesday morning, Bitcoin tumbled further, catching many investors with their pants down at the ~$6,175 level.

While the aforementioned decline from $7,100 to $6,500 made sense, many were caught off guard with this drop, with it being unclear whether there was a catalyst for this most recent…

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