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Below $10K: Bitcoin Price Drops $1.4K in 24 Hours to Hit 2-Week Low
The cryptocurrency markets fell sharply on July 14 after bitcoin endured a $1400 sell-off, denying the bulls a chance to revisit 2019 highs.
Updated Sep 13, 2021, 9:25 a.m. Published Jul 15, 2019, 12:43 a.m.
The cryptocurrency markets fell sharply on July 14 after bitcoin endured another $1,400 sell-off, denying the bulls a chance to revisit 2019 highs.
At 09:00 UTC on July 14, BTC began to shed $1400 from its price tag, dropping below $11,000 and then $10,500 for the first time since July 2.
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Prices had initially attempted to rally above $10,800 but were stopped short as a quick reversal to momentum brought prices reeling back below $10,000.
BTC’s price has since fallen victim to the continual bearish sell-off and is currently changing hands at $9,974 at time of writing.
The move down was also accompanied by a small surge in total trading volume of $2.8 billion over a 24 hours as traders looked to book profit and exit the markets in quick succession amid declining crypto prices across the board, according to CoinMarketCap data.
Major names such as ether , , and also began to fall in value at around the same time as BTC, losing between 15-20 percent in just under six hours.
Further, the total market capitalization of all cryptocurrencies combined endured a $20.1 billion loss over 24 hours, marking one of the largest single-day losses in market value since June 27, 2019.
The short term outlook remains volatile, so BTC could experience a bounce on today’s momentum, but that will need to be accompanied by strong levels in growing (bullish) volume in order to end the recent sell-off still being felt from July 10.
Disclosure: This author holds no cryptocurrency at the time of writing.
Roller coaster image via Shutterstock
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