Bitcoin drops to two-month low, trading below USD 7,000

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Bitcoin, the biggest cryptocurrency going by the market cap, saw another round of slide in its valuation taking it to two month’s low on Monday. The currency sunk to $6,709 before recovering a tad later. At the time of reporting, it was exchanging hands at $6,796.

Before Monday, bitcoin touched lowest in last two months on April 10 when it was trading at $6,704, according to the data available at CoinMarketCap. The currency is also within striking distance of its 2018 low of $5,947 set in February.

Bitcoin has been trading flat for the last couple of weeks trading in the zone of $7,500. The uptrend maintained in the last couple of months by the currency is also in question as bitcoin failed to find support from traders on late Sunday and early Monday.

The story is the same with other major cryptocurrencies as they mirrored the graph of bitcoin in last 24 hours.

Second largest cryptocurrency Ethereum was down 7.35%, Ripple sank 8.5% and Bitcoin Cash dropped by 10.4% in last 24 hours. At the time of reporting, Ethereum was trading at $533 and Ripple was available at the exchange price of $0.58.

The total market capitalisation of cryptocurrencies also plummeted to $296 billion on Monday from $344 billion on Sunday.

Among the top 10 cryptocurrencies, the biggest slide was registered by EOS which recently launched its own blockchain platform. The currency till now was trading on Ethereum blockchain platform.