Bitcoin Drops Under $6,000, Lowest Level Since 2017

For the first time in its 10 years of age, the biggest and oldest cryptocurrency, Bitcoin, reduced under $6,000 since August, at its lowest price in more than a year.

The biggest cryptocurrency reduced as much as 15%, with the majority of the initial loss coming within only a half hour window. It is the largest drop since February. Bitcoin had traded around the $6,400 range during most of the fall, a complete contrast from the rest of volatile trading year of the biggest cryptocurrency.

Other big cryptocurrencies plummet even harder on Wednesday. For example, Ether dropped to 13% while XRP, the 3rd biggest cryptocurrency, fell 15%.

“The market is trying to find the bottom,” said Michael Terpin, a blockchain advisor and partner at Alphabit Fund. “People who are chartists look at historical patterns, and they note there’s one last final capitulation drop to get the last people fleeing out of the market.”

Value of the biggest cryptocurrency just dropped to the lowest level since 2017