Bitcoin Suffers A Major Bear Run – Rest Of Markets Also Dropping

Investing, News | September 6, 2018 By:

Bitcoin and other cryptocurrencies hopped on a downbound train over the last 24 hours, following up yesterday’s massive hit to the bottom line with a sequel.

As of early morning, bitcoin was sitting around $6,400, down about $500 from yesterday’s $6,900 level. That mark was also down $500 from previous day highs, meaning bitcoin has lost more than $1,000 in value in the last two days. Volume was extremely high, topping the $6.2 million level, indicating a massive wave of panic selling.

The market was spooked yesterday when a report surfaced that institutional giant Goldman Sachs was not moving forward on plans to open a cryptocurrency desk. That, combined with pending SEC decisions that may, once again, knock down hopes for a bitcoin exchange-traded fund (ETF), caused a sudden bear run.

Ether, Bitcoin Cash, EOS and Litecoin were also down significantly over the last 24 hours, as the markets were a sea of red arrows.

Bitcoin market highlights for the 24 hours ending September 6, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,082.34 on the Bit-Z exchange at 1:01 pm yesterday. Bit-Z saw $62,212,558 of bitcoin change hands.

The lowest price seen was $6,316.11 on Gemini’s exchange at 8:37 pm yesterday. Gemini’s 24 hour volume was $42,231,513.

The average price on the surveyed exchanges, as weighed by volume, was $6,550.52.

Volatility was unusually high, with the BlockTribune Volatility Index coming in at 73.8. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 16 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.