Bitcoin drops below 6,000 USD

The digital currency Bitcoin declined to less than 6,000 USD, which pushed down also the smaller cryptocurrencies. During Hong Kong’s early trading, the leading digital currency lost 6.2% of its value to 5,887 USD, which is the lowest level since June.

Ether, in turn, depreciated by 12%. Thus, one by one all the 100 major cryptocurrencies reported a decrease for the last 24 hours.

Ether (ETH), the cryptocurrency that powers the Ethereum blockchain is trading hands at 264 USD – its lowest price since November 2017. The XRP price has fallen below 0.30 USD, its lowest price of the year and a more than 90% depreciation from it’s all-time high over 3.00 USD set in December.

As a result, the total market capitalization of digital money declined to 190 billion USD. For comparison, at its peak in January it was 835 billion USD. In July, Bitcoin recorded a series of growths, which brought back hopes to the cryptocurrency market. In August, however, it lost 23% of its value, while the accumulated decrease since the beginning of the year amounted to 58%.

Some analysts predict an upturn in the coming month when the Securities and Exchange Commission decides if they will approve of a bitcoin exchange-traded fund (ETF), that would see prices rocket up.