The Bitcoin price fell to a 12-week just above $6,000 this morning CET. This marks the low point of a sell-off which began on January 6th.
Prices on coinmarketcap.com fell as low as $6048.26 at 07:59 UTC – the lowest level since November 13. As of writing, the bitcoins have recovered to $6,538.
The sell-off has been significant, as indicated by the $1,000 drop seen between 00:45 to 05:00 UTC. Further, during the same time period, the market capitalization of bitcoin dropped more than $11 billion to $106 billion. The total market capitalization of all cryptocurrencies has also fallen to $282.40 billion – the lowest level since Nov. 26.
Meanwhile, the remaining top 10 currencies by market cap are down at least 20 percent each. NEO has depreciated by 36 percent in the last 24 hours, according to data source CoinMarketCap and is the biggest loser in the top 10.
In the top 5, ether token is down 29 percent, Ripple’s XRP is down 24 percent, bitcoin cash has lost 28 percent and cardano is down 24 percent.
All eyes are on the Senate Banking Committee meeting to discuss ‘Virtual Currencie’ taking place later today in Washington. Sentiment amongst the wider crypto community is very bullish after reading the measured and positive wording of the pre-prepared statements. It will be interesting to see how this is reported by the mainstream media.