As things currently stand, the world’s leading cryptocurrency is rangebound at $6,100. Possessing a net market worth of more than $100B and a daily trade volume of $3.4B, the crypto asset shed around $4M within the space of a few hours.
For the second time this week, Bitcoin dropped below $6,000. Since June, the asset has lost more than 20% of its value, with there being no indicators as to why the currency is undergoing such an enormous bear run.
Many experts from the within the financial domain believe that an increasing amount of pressure from various national governments could be triggering the massive sell-off.
As per respected analyst, Jim Iuorio, who works for TJM Institutional Services:
“Bitcoin will continue sliding unless governments change their position.”
Another drop below the $6,000 marks the movement of BTC/USD through a bearish channel with the upper line currently at $6,150, followed by a pivotal $6,483.