The world's biggest cryptocurrency Bitcoin extended losing streak on Tuesday, slipping below the psychological $7,000 mark once again, wiping millions of dollars from the cryptocurrency market capitalisation.
The world's most widespread cryptocurrency opened higher today and touched an intraday high of $7,162.04, but soon slipped into negative terrain to touch a six months low of $6,871.92. The cryptocurrency has fallen more than 50 per cent from its 2019 high of $13,879.21 touched in June.
Cryptocurrency is a digital or virtual currency designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Bitcoin-rivals Ethereum, Ripple's XRP, Bitcoin Cash, Litecoin, EOS and Binance Coin were also under selling pressure today.
As per cryptocurrency experts, there has been a steady, downward trend for months. Though, the cause for recent sell-off was not known, but analysts attributed it to decline in crypto market trading volume.
In 2019, Bitcoin rallied over 100 per cent from the yearly lows of around $3,350 in February. In June, BTC/USD touched 52-week high of $13,879. However, Bitcoin maintained a downward trajectory and hit 6-month low of $6,871 in December after several months of consolidation.
In the last 18 months, Bitcoin reported mixed performance. Bitcoin gained over 44 per cent to $9,450.68 in October this year, from $6,541.79 on July 5 last year. However, in the last two months, Bitcoin maintained a downward trajectory and slipped below $7,000 level.
Edited by Chitranjan Kumar