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.
![Bitcoins and dollars](https://www.coindesk.com/resizer/u0oMCOLnhgXnvVumVIvNNw0NLwQ=/567x378/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YLBNMBUNZ5BX7AB676LRTYVUE4.jpg)
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](https://www.coindesk.com/resizer/QxaT0hQhNi6H5AP9skCq5yqeJ5c=/560x371/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BECWX65IVVEVHP64E25QS6AZD4.png)
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