Coindesk Logo

Bitcoin Breaks Below $7K to Fall to 50-Day Low

Bitcoin Breaks Below $7K to Fall to 50-Day Low

Bitcoin Breaks Below $7K to Fall to 50-Day Low

Bitcoin has dropped below $7,000, reaching a month-low since Feb. 7 while the cryptocurrency market is seeing a major sell-off.

Bitcoin has dropped below $7,000, reaching a month-low since Feb. 7 while the cryptocurrency market is seeing a major sell-off.

Bitcoin has dropped below $7,000, reaching a month-low since Feb. 7 while the cryptocurrency market is seeing a major sell-off.

AccessTimeIconMar 30, 2018, 3:05 AM
Updated Aug 18, 2021, 8:38 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The price of bitcoin is back below $7,000 and trading at its lowest price since Feb. 7.

According to CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency is changing hands at $6,700, a move that follows its steady decline from around $8,000 since the start of the Mar. 29 trading session, a 15 percent dip within a day.

Stepping back, that price puts bitcoin at a 51-day low, down 42 percent from its recent high at $11,660 on Mar. 5, and 60 percent from its 2018 high of $17,144 observed on Jan. 7.

However, the 2018 low of bitcoin still remains at $5,947 on Feb. 6, according to CoinDesk's data.

Still, bitcoin's drop also follows a broader market decline.

Data from CoinMarketCap shows the market capitalization of all cryptocurrencies is now at a three-month low of $256 billion, a 70 percent decline since its 2018 high above $800 billion in early January.

Indeed, the top 20 tokens are all showing a 10 to 20 percent sell-off within the last 24 hours.

As reported before, the second to fourth largest cryptocurrencies by volume - ethereum, ripple and bitcoin cash - have all hit 2018 low. Earlier in today's trading session, the price of ethereum also broke below $400, the first time since November last year.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.