Bitcoin Market Cap Plummeted Down By More Than $10 Billion

This morning started with the shocking news that Bitcoin had lost about $700 in just an hour. If we look at the graph provided by the CoinMarketCap, we will see that at 5:09 am (UTC +3) Bitcoin cost $7814, relatively stable price after a big jump at the beginning of the week. Yet, at 6:19 am (UTC +3) the price went down and cost $7174. Such a big difference in price led the total market cap to decrease.

Source: CCN

The total market cap fell down by $11 billion, from $138 billion to $127 billion. One of the reasons why Bitcoin price dropped so abruptly is a massive Bitcoin sell order placed on Bistamp, Su Zhu, the CEO at Three Arrows Capital, and Eric Conner, a product developer at Gnosis said.

However, the question is will the market be able to regain its positions in the near future or not? Stay tuned to see the change of Bitcoin price.

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