Bitcoin Watch: Bitcoin falls below USD6000 as cryptocurrency sell-off continues

Bitcoin’s value touched under USD6000 in the last 24 hours, dropping to USD5959 before seeing a mild recovery to USD6125 at reporting time. Surprisingly, Bitcoin’s drops are actually holding up well compared to other major cryptocurrencies.

According to CoinFi CEO Timothy Tam, speaking to the Australian Financial Review, the “big story in the market today is the huge weakness in Ethereum”. Mr Tam continued: “Bitcoin has held up relatively well versus Ethereum. It’s still quite weak versus the US dollar… ICOs that have raised a lot of money are really feeling a lot of pain”. Ethereum sits at USD264 at reporting time, an 8% decline in the last 24 hours.

Unfortunately, those expecting Bitcoin and other cryptos to provide an asylum from currency turbulence in global markets are likely to be disappointed. Bitcoin’s decline compared to the USD in Aug-2018 is almost as large the Turkish Lira’s 25% drop.

Stay updated here with how the cryptocurrency is tracking: