Bitcoin Nears $6,000 Test as Selling Pressure Ramps Up

Investing.com – Bitcoin slumped to a more than two-month low Tuesday as crypto investors continued to flee the market amid worries the popular crypto could be set for a further tumble.

Bitcoin fell 4.40% to $6,473.8 on the Bitfinex exchange, posting a two-month low.

Bitcoin’s move to a session high of $6,899.0 was met with a wave of selling pressure, forcing trades to abandon their crypto positions, wiping more than $10 billion from the crypto market in under 24 hours.

The total market cap of cryptocurrencies fell to about $282 billion, at the time of writing, from $294 billion Monday as traders remained cautious of buying cryptos on weakness amid fears of further downside.

With limited demand to support upside in cryptos, some participants warned bitcoin could tumble further and test February’s low of $6,000.

The tumble in bitcoin comes after South Korean crypto exchange Coinrail confirmed in a tweet over the weekend cyber thieves had made off with over $30 million worth of lesser-known cryptocurrencies following a successful cyberattack.

Other large-cap cryptos mirrored bitcoin’s sharp move lower.

Ripple XRP fell 4.43% to $0.55334 on the Poloniex exchange, while Ethereum fell 5.74% to $489.96

Bitcoin Cash fell 8.08% to $852.99, while Litecoin fell 5.45% to $491.49.

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