At dawn on Sep 7, Bitcoin traded at $18,736 on CoinMarketCap, down 5,26% over the past 24 hours and 7.97% over the past 7 days. Bitcoin trading volume over the past 24 hours was over $42.1 billion, according to data from CoinMarketCap. The market cap of the largest cryptocurrency is currently only 358 billion USD.
Many cryptocurrencies also plummeted following the decline of Bitcoin. Ethereum, the second largest cryptocurrency by market cap has decreased by 7.88% to $1.1517, its market cap is $184.9 billion; BNB fell 6.24% to $263.12; XRP fell 4.9% to $0.3173; Solana dropped 5.091% to $30.92; etc. The crypto market cap was down 5.46% over the last 24 hours, shrinking to $937 billion.
Bitcoin has almost continuously declined in the past 3 weeks, from $23,400 on August 19 to $18,736 on Sep 7. Bitcoin over the past few days traded in the range of $19,000 – $20,500 and struggled to overcome what appeared to be price resistance at $21,000 but failed.
Many crypto investors are selling off Bitcoin to cut losses and reduce risk, causing this cryptocurrency to plummet even more and show no sign of stopping yet. According to Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, Bitcoin may test the bottom of the price range near $18,000.
Some experts say that the decline of the crypto market is closely related to the stock market. In the September 6 session, the US stock market also recorded a slight decline. They think that if the stock market heats up, Bitcoin can completely bounce back to $29,000.
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