Bitcoin price (BTC/USD) plunges below $12,000 amid market-wide correction

Bitcoin price (BTC/USD) plunges below $12,000 amid market-wide correction

The wider cryptocurrency market has also been affected by the downswing, with all major altcoins in the crypto top 10 having seen double-digit-percentage losses over the past 24 hours. EOS, Bitcoin SV (BSV) and Bitcoin Cash (BCH) has been the worst performing top 10 coins, having lost 20.1%, 18.7% and 18.5%, respectively.

Regarding Bitcoin’s drop, Mati Greenspan, senior market analyst at eToro, told CNBC that “[i]t seems that the market wasn’t ready to break a fresh highs just yet”. He also noted that BTC “is now back near the low end of its most recent range” of $10,000 to $14,000”.

In today’s trading, the Bitcoin price stood at $11,483.34, as of 10:31 BST. The digital currency has lost 11.3% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $204.5 billion, which represents 65.4% of the combined value of all digital currencies.

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