Bitcoin price below $6,000 on August 14 as entire crypto market crashes

Markets
Insider

LONDON — Cryptocurrencies are in the red on Tuesday, with bitcoin
leading the market lower after falling below $6,000 per token.

Bitcoin
is down 4.5% to $5,975.21 at 8.18 a.m. BST (3.18 a.m. ET).
Other major cryptocurrencies are suffering similar drops at the
same time:

The entire cryptocurrency market has been under pressure since
late June
when the US Securities and Exchange Commission delayed a decision
on whether to approve a bitcoin ETF, a move that bitcoin
bulls believe would have greatly increased the size of the
market.

The current sell-off began on Monday,
with ethereum falling to an 11-month low on the day. That
slump comes as startups that raised funding in ethereum through
so-called initial coin offerings cash out their holdings into
traditional fiat money they can spend on development.

Hussein Sayed, the chief market strategist at FXTM, said in an
email on Tuesday morning: “Cryptocurrency bulls also suffered a
steep selloff yesterday with bitcoin falling below $6,000 for the
first time since late June.

“The blame for this falls on the SEC as the U.S. regulator
delayed a decision to create the first Bitcoin ETF. If an ETF
doesn’t see the light in the coming weeks expect to see a further
selloff, as it suggests regulators will continue to fight against
bringing cryptocurrencies into the mainstream. A break below
$5,770 will intensify selling pressure as it’s the only major
support still standing.”

The value of the entire cryptocurrency market has fallen by
around 10% over the last 24 hours, according to
CoinMarketCap.com.

The slump comes as emerging market currencies are selling off,
spooked by last week’s collapse of the lira against the dollar.
Neil Wilson, the chief market analyst at Markets.com, said in an
email that this coincidence “puts paid to the notion of cryptos
as a safe haven play.”

“Ultimately USD and US Treasury notes are the only real safe
harbour,” Wilson said.

Get the latest Bitcoin price here.>>