Bitcoin drops below $ 60,000

After the heavy sell-off yesterday, Bitcoin is now trading below the 60,000 mark for the first time since the beginning of November.

The downward trend in crypto space continues. The market capitalization of all digital currencies, for example, had to accept a decline of 3.3 percent compared to yesterday’s trading day to just under 2.7 trillion US dollars. Bitcoin is also affected by the current negative trend. After the cryptocurrency was already exposed to a massive sell-off yesterday, the BTC price is now trading below the 60,000 US dollar mark for the first time since the beginning of November. In the last 24 hours, the digital store of value recorded a price decline of almost 2.2 percent. At the time of going to press, Bitcoin is trading loud Coingecko at $ 59,578 – 13.7 percent away from the all-time high the cryptocurrency hit just a week ago.

The exact reasons for the sudden sell-off are still unclear, but fundamental deficits seem to be ruled out. As reported by the US media, around 875 million US dollars on crypto exchanges are said to have been liquidated on the last trading day. A look at the Fear & Greed Index indicates uncertainty among investors. For the first time, the mood barometer jumped back into the “neutral” range.

Altcoin sector remains in the red swamp

Apart from Bitcoin, the altcoin sector is also stuck in the red, with a few exceptions. Binance Coin (BNB) was hit hardest among the ten most valuable cryptocurrencies. The native token of the crypto exchange of the same name has to cope with a price drop of almost 7 percent overnight and is therefore trading at $ 567.72 at the time of going to press. For the remaining top 10 coins, the loss range is between 3 and 5.5 percent.

Among the top 100, the crypto project The Sandbox (SAND) is resisting the current negative trend. At the time of going to press, the coin had gained almost 30 percent and was trading at $ 3.34. The German project IOTA also stands out from the crowd with a plus of 10 percent.

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