Bitcoin price drops below $5000

Markets Insider

• Bitcoin’s price dropped sharply on Monday, briefly
  falling below $5,000 per coin.
• By 11.45 a.m. ET, the benchmark cryptocurrency was
  trading lower by around 8.5% at $5,164, having rebounded a
  little from the worst of the day’s trading.
• “Bitcoin collapsed like a house of cards on
  Monday,” Lukman Otunuga, research analyst at FXTM said in an
  email.

The price of bitcoin
dropped sharply on Monday, briefly dipping below $5,000 per coin
as a brutal sell-off gripping the cryptocurrency market deepened.

By 11.45 a.m. ET, the benchmark cryptocurrency was trading lower
by around 8.5% at $5,164, having rebounded a little from the
worst of the day’s trading, according
to Markets Insider data.

Monday’s falls extend a horrible week for bitcoin, which has seen
it drop to a low not seen since late 2017, just prior to the
explosion in prices which saw bitcoin come close to $20,000 per
coin before collapsing rapidly.

Bitcoin has lost close to 12% of its value in the past week, and
almost 20% in the last three months.

“Bitcoin
 collapsed like a house of cards
on Monday,” Lukman Otunuga, research analyst at FXTM said in an
email.

“While most are blaming
the 
Bitcoin
 cash ‘hard fork’
as a key player behind 
Bitcoin
’s
weakness, technicals could have played a role. The weekly close
under the $6,000 level was a bearish confirmation of further
downside. The cryptocurrency has scope to extend losses if
sellers are able to conquer the $5,000 level.”

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Bitcoin was followed lower by other major cryptocurrencies,
with Coinbase reporting that only nine out of top 100
cryptocurrencies by market capitalization are higher on
Monday. 

Ethereum,
for example, is more than 12% lower at $156 per coin, while
litecoin is down a similar margin, trading at $5.10 per coin, a
loss of 12%.

Get the latest Bitcoin price here.>>