Bitcoin and the wider cryptocurrency market, including major coins ripple (XRP), ethereum, bitcoin cash, stellar, EOS, and litecoin, have fallen sharply today ahead of a bitcoin cash fork that’s threatening to tear the bitcoin rival apart.
Bitcoin fell below the psychological $6,000 mark for just the second time this year amid a wider sell-off that saw almost all major coins fall by at least 10%. Bitcoin dipped below $6,000 in June but quickly climbed back, according to CoinDesk’s price tracker.
The bitcoin price plummetted to $5,534 on the Luxembourg-based Bitstamp exchange before rebounding somewhat. Earlier today a bitcoin price indicator, known as the “death cross”, was seen for the first time since December 2014, CoinDesk reported.
The bitcoin price has been stuck in a downward trend all year—dragging the wider cryptocurrency market with it. The bitcoin price is down some 70% from its peak while the likes of other major cryptocurrencies ripple (XRP) and Ethereum are down around 80%.
The last time the bitcoin price was below $6,000 for any significant time was November 2017, suggesting that the bitcoin bull run many have been hoping will emerge in the run-up to Christmas will not appear.