Cryptocurrency experts had forecasted that the bitcoin worth was just about to break through from its $6,550 peg, and those projections hit the market early this Thursday morning. Regrettably for investors, even though, this activity did not occur to the benefit of investors.
Immediately after temporarily achieving a drive in the direction of $6,700 earlier in few days ago, the bitcoin price was maintaining stability between $6,550 and $6,600 leading into Thursday morning. Briefly before 1:00 UTC, however, BTC/USD took a steep downwards turn, crashing from $6,594 to $6,252 in just 35 minutes.
The decrease was even more noticeable in altcoin markets, with ethereum and ripple (XRP) both taking a nine percent downturn. As of the time of writing, the cryptocurrency market cap stood just below the $206 billion mark.