Massive Sell-Off Triggers Bitcoin Price Drop to $7,000 Level

The volatile nature of Bitcoin and other cryptocurrencies sees them fluctuate according to market conditions. In this very week, the world’s leading cryptoasset traded above $8,320, but to our surprise, the digital asset is now falling to hit the $7,000 level.

A week ago, BTC traded at a price low of about $6,282. But throughout the week, the crypto was having a non-uniform trajectory – its movement has been up and down (unstable).

BTC/USD Rate

At press time on Friday 17, the BTC rate is in the red at around $7,207 (-9.41 percent over 24h) each, according to data provided by CoinMarketCap ( CMC), a giant cryptocurrency data provider. Bitcoin’s market cap (MC) is at just over $127.620 billion, and its daily trading volume is at $31.19 billion. And the total capitalization of the crypto industry is at approx. $226.826, showing a fall of about 8 percent, since it has lost over $20 billion in the 24 hours. 

 

It’s not only Bitcoin that is facing serious falls in price, other major cryptocurrencies including Ether, Ripple, EOS and others are also experiencing the same resultant force from the market. For instance, the two Bitcoin rivals – Ether (ETH) and Ripple (XRP) are both in red changing hands at about $235 (-10.08 percent, market capitalization of $24.98 bln) and $0.3740 (-11.61 percent, market cap of $15.75 bln) respectively. 

The main reason for such drop could be a huge sell-off of major cryptos as investors were taking their profit from the rally. For example, a huge order was placed on Bitstamp exchange with a total value of $28 million. 

When Bitcoin hit and surpassed the $8,000 everyone participating in the crypto market thought that the coin was going to continue skyrocketing and trade at $10,000 as it was predicted earlier by experts, but the crypto disobeyed this prophecy. However, as price dropped, people will start buying again, which might trigger another uptrend.