Bitcoin falls through $6,000 mark as cryptocurrencies suffer

Bitcoin falls through $6,000 mark as cryptocurrencies suffer

Bitcoin falls through $6,000 mark as cryptocurrencies suffer

Another price hit to the Turkish lira sent tremors through global currency markets on Monday.

Historically, when bitcoin prices are triggered, bad or good, other altcoins tend to follow. Ethereum has been the major loser as the cryptocurrency has lost over $60, almost 20%, with its market cap standing at just $26 billion.

At the moment, the entire cryptocurrency market cap stands at, $214 billion, with Bitcoin having a market cap of $108 billion. That's down from a peak of about $835 billion in January.

There have been no specific fundamentals associated with the fall in the crypto market and in fact, more and more people are talking about the market maturing in due course of time and they are also looking forward to the opportunities that such a maturing market is going to provide to the technologists and the traders as well.

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While Bitcoin and its peers rallied in July on hopes that a Bitcoin-backed exchange-traded fund would attract new investors to the world of virtual currencies, U.S. regulators have yet to sign off on multiple proposals for such a product.

The market is certainly in an interesting position right now, as many altcoins are trading in sustained downtrends while Bitcoin has been relatively flat. "It's still quite weak versus the USA dollar".

At the height of Ether's rally past year, the digital coin comprised 32% of cryptocurrency market capitalization, coming within striking distance of Bitcoin's 39%. Over the last 60 days or so, Bitcoin has really been the leader - a lot of that had to do with the speculation about an ETF.

"ICOs that have raised a lot of money are really feeling a lot of pain" as their crypto holdings lose value, Tam said.

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Bitcoin and dozens of smaller digital tokens tumbled.

"Correlations historically have been extremely low between cryptocurrencies and other asset classes", he said in a phone interview from Hong Kong.

At its lowest point of this year, the valuation of the crypto market reached $194 billion, led by the poor performance of Ethereum, Ripple, and Bitcoin Cash. The cryptocurrency's slide against the dollar this month is nearly as big as the Turkish lira's 25 per cent slump.

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