Bitcoin (BTC) has just collapsed below $11,000 for the first time in more than a month and is currently hovering around the $10,800 price point.
Today marks the second day of back-to-back losses for the cryptocurrency, which was sent tumbling from over $12,000 to just over $11,000 yesterday, before dipping further to as low as $10,796 just minutes ago.
Bitcoin is now in the red across all short-term time scales and is -5.6% in the last 24 hours, -7.9% in the last week, and -3.7% in the last month. Nonetheless, the cryptocurrency is still up more than 50% since the start of the year.
Bitcoin wasn't the only cryptocurrency to be hit by today's sell-off. Practically the entire cryptocurrency market is in the red today as $20 billion was wiped off the market in the last 24 hours. The average cryptocurrency is now down 5.6% in the last day and both Tron (TRX) and NEM are the only two top 20 cryptocurrencies to remain in the green over this timescale.
This sell-off comes as the US dollar (USD) makes a slight recovery, and gold recouped some of its earlier losses to reach $1,939—after touching as low as $1,919 last week. However, economists now warn that the stock market may be on the verge of a "Minsky moment," which sees asset prices collapse after a period of rampant speculative activity. If this happens, then the cryptocurrency market could be pulled down with it, once again.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.