Bitcoin Price Dips to Two-Month Low Below $7K

The price of bitcoin is now trading at its lowest total since April, hours after dropping roughly $500 according to the CoinDesk Bitcoin Price Index.

AccessTimeIconJun 11, 2018 at 1:50 a.m. UTC
Updated Sep 13, 2021 at 8:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The price of bitcoin dropped $500 in a single hour Sunday to hit a two-month low below $6,700.

According to CoinDesk's Bitcoin Price Index, the world's largest cryptocurrency by market capitalization is now changing hands at $6,718, up slightly after reaching a daily low of $6,647, its lowest total since April 10.

Indeed, data shows that over the last 24-hours bitcoin failed to find solid support in the $7,470 zone, before plummeting 11 percent to $6,647.

screen-shot-2018-06-10-at-7-38-47-pm

For traders, this means bitcoin's two-month uptrend appears to be in question. Trading at around $6,700, bitcoin is now within striking distance of its 2018 low of $5,947 set in February.

With the bitcoin price declining, so too has the market for all cryptocurrencies, with now stands at $295 billion, down from $340 billion yesterday. The figure also marked a two-month low for the broader market.

Nearly all cryptocurrencies listed show a 10-20 percent decline in price over the last 24-hours.

Bitcoin and US dollars via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.