Bitcoin Sees Red, Nears $6,000 as Demand Continues to Fade
Investing.com – Bitcoin resumed its trend lower Thursday, amid a lack of meaningful catalysts to support the popular crypto.
Bitcoin fell 3.21% to $6,173.0 on the Bitfinex exchange, after trading as high as $6,378.5.
The plunge in bitcoin has exacerbated investor fears it could test its year-to-date low of $5,762.9 and trigger a steeper fall to levels not seen since November last year around $5,400, amid a lack of demand.
The total crypto market cap fell to $245 billion, at the time of writing, from about $252 billion Wednesday, pointing to signs of falling investor demand for cryptos.
Inflows into the crypto market has been thwarted by concerns over security flaws at various cypto exchanges amid several reports of successful hacks at popular exchanges leading to the theft of billions of dollars worth of crypto.
Large-cap cryptos mirrored bitcoin's move lower.
Ripple XRP fell 2.94% to $0.43410 on the Poloniex exchange, while Ethereum fell 2.74% to $427.82.
Bitcoin Cash fell 3.17% to $678.14, while Litecoin fell 1.33% to $75.78.
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