Over the past one year, Bitcoin has fallen about 70% from its peak. The drop is expected to be deeper down. In the past one month alone, the market capitalization of cryptocurrency dropped by 30% from $300 billion to $208.4 billion.
This latest breakdown has put bitcoin in the bear market territory. The last time Bitcoin was in $5,800 range was on June 29 when it hit low of $5,835.75. The last time Bitcoin had a five figure value was when it closed in March 7, 2018 at $10,803.90.
The sudden reversal of Bitcoin’s came after the U S Securities and Exchange Commission (SEC) postponed its decision on a proposed bitcoin ETF filed jointly by VanEck and SolidX. This move alone wiped out $9 billion off of the cryptocurrency’s value. A document published on SEC website said that the agency receive more than 1,300 comments on the proposal.
According to CoinMarketCap, to date, nine of the top 10 cryptocurrencies are down in the past few days by an average of 18.2%. Bitcoin, Ethereum, XRP and Bitcoin cash are the only ones who have a market cap of $10 billion.