Bitcoin Dipped Below the $8,000 Price Point

On Tuesday, all top cryptocurrencies are facing deep red in the market-wide correction. And bitcoin (BTC) drops below the $8,000 price point.

In addition to that, bitcoin broke its bullish through the psychological price point of $9,000 at the end of May. And the currency slowly corrected downwards in subsequent days. Also, bitcoin fell about 6.7%, trading at $7,950 on the day.

Throughout the week, the loss of the cryptocurrency hits 8.78%.

Meanwhile, ether (ETH), the biggest altcoin, also dropped 6.36% on the day. And it is currently trading at $247. Similarly, ether and bitcoin both fell during the early trading hours.

On the week, ether’s losses reached 8.7%.

Another report of loss is the XRP, dropping 7% on the day to trade at $0.41. Aside from that, the currency fell piercingly against the U.S. dollar for the past 24 hours.

XRP is reporting a 3.53% loss on the week.

On the other hand, the eighth largest coin, Bitcoin SV (BSV) gained 3% to trade about $221 on the day.

For the past 24 hours, the highest loss was from EOS, losing 9.36%. It is currently trading at $6.70. Also, other cryptocurrencies such as Bitcoin cash (BCH), litecoin (LTC), and stellar (XLM) fell 7-8% during the day.

Furthermore, the total market capitalization of all cryptocurrencies is around $254.29 billion. Then, bitcoin is ruling at 55.8%

All About Bitcoin

Elsewhere, the United States Commodity Futures Trading Commission released data yesterday. It showed several available contracts for the Chicago Mercantile Exchange’s (CME) bitcoin futures supposedly hit an all-time high from May 27 to June 3.

However, Analytics firm Delphi Digitals debated that bitcoin is outperforming weaker traditional risk assets. Aside from that, it shows selling pressure due to abating sentiment for economic growth in 2019, and the escalating tension between the U.S. and China.

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