Bitcoin took a deep dive on Wednesday to test the levels last seen in May.
The reference cryptocurrency fell around $566.29 or 7.65 percent in two hours of trading. The price of bitcoin plummeted to a minimum of $7,402.20. Although the price was corrected later, its positive level was overshadowed by the $7,500 support resistance level that indicates an extended bearish action.
The story was similar in other major cryptocurrencies. Ethereum, the second largest cryptocurrency by market capitalization, fell 7 percent, while the third largest XRP fell almost 6 percent. Litecoin, Binance Coin and Bitcoin Cash suffered similar setbacks. In general, the entire capitalization of the cryptocurrency market lost approximately $19 billion in a 24-hour period.
The story was similar in other major cryptocurrencies. Ethereum, the second largest cryptocurrency by market capitalization, fell 7 percent, while the third largest XRP fell almost 6 percent. Litecoin, Binance Coin and Bitcoin Cash suffered similar setbacks. In general, the entire capitalization of the cryptocurrency market lost approximately $19 billion in a 24-hour period.
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