Bitcoin threatens drop below $7K in another bad day

Bitcoin (BTC)—the world’s leading cryptocurrency by market capitalization—is having another bad day, as the crypto markets continue to tumble.

The price of Bitcoin today sank as low as $6,900 in the early morning hours, but has since recovered to around $7,300, according to data from CoinMarketCap.

BitcoinBTC · USD

$78,834+1.64%

24H7D1M1YYTD

Sep 2Sep 3Sep 5Sep 7Sep 9

$81.8k$80.0k$78.3k$76.6k

24h HighHigh$78,930

24h LowLow$77,666

VolVol$1.4B

Market projectionsOdds by Myriad

Today$78,000 to $80,000$78k–$80k66% chanceThis weekAbove $78,000Above $78k58% chance

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

Yesterday, Bitcoin was trading at a less-than-stellar $7,400 per coin. Today, the coin dropped a further five percent, shedding as much as $500 from that price before recovering slightly. The price of Bitcoin is even lower than where it stood following the dismal introduction of Bakkt, the Bitcoin futures exchange for institutional investors, and the drop that the coin sustained just before Mark Zuckerberg’s testimony to Congress regarding Facebook’s Libra.

In fact, Bitcoin hasn’t seen these lows since May. At the time, Bitcoin was trading for a mere $3,500 per coin before going on a bull run throughout the summer. 

But there’s something about the month of November that doesn’t sit well with Bitcoin. This is now the second year in a row that Bitcoin goes “on sale” right around Thanksgiving. Go figure.

Bitcoin, though, isn’t the only crypto suffering. Ethereum (ETH) dropped below $150 per token today, while Bitcoin Cash (BCH) is trading for just over $200.