Cryptocurrency analysts had predicted that the bitcoin price was about to break away from its $6,550 peg, and those predictions came true early Thursday morning. Unfortunately for investors, though, this movement did not occur to the upside.
After briefly making a push toward $6,700 earlier in the week, the bitcoin price was holding steady between $6,550 and $6,600 leading into Thursday morning. Shortly before 1:00 UTC, however, BTC/USD took a steep downward turn, plunging from $6,594 to $6,252 in just 35 minutes. As of the time of writing, the flagship cryptocurrency was priced at $6,288 on Bitfinex, representing a daily decline of about five percent.
https://www.ccn.com/newsflash-bitcoin-price-drops-380-ethereum-ripple-xrp-plunge-9/It is incredible to look at the charts, there was a massive drop in all the market of cryptocurrencies in a matter of minutes, almost all the market is red, I just hope that this is not the start of another bear market because the market of cryptocurrencies is already very weak and I do not want to imagine what another bear market could do to it in the short term.