Bitcoin Price Falls

After registering a sudden bump last week, bitcoin’s price is on a downward roll once again. At 16:30 UTC, the original cryptocurrency’s price is trading at $6,372.01, a decline of 5% from less than 24 hours ago. Bitcoin’s swoon has had a domino effect on prices for other cryptos. Ether, the second most-valuable crypto in the market, is down by 10% from its price yesterday while Ripple’s XRP, which is ranked third in crypto markets, is down by a similar percentage. The overall market capitalization of cryptocurrency markets had reached a high of $279 billion last weekend on the back of gains for most cryptocurrencies. As of this writing, it is down to $253 billion.

The latest drop in prices has occurred as Cboe renewed its bid for bitcoin ETFs to be listed on its exchange. Bitcoin ETFs will bring institutional investors into crypto markets and increase liquidity (and, consequently, reduce volatility). A wave of positive news had propelled prices and valuations higher in cryptocurrency markets last weekend. But the effect of those developments seems to have petered out as bears once again took charge of the markets. Trading volumes and transactions involving cryptocurrencies are down. According to online publication Coindesk, bitcoin may still revive. “It is worth noting that the short-term moving average is still biased to the bulls (rising),” the publication wrote, adding that a “strong defense of the 10-day MA support would reinforce the short-term bullish outlook and could yield a rally to $7,000.”