Bears on a roll at cryptostreet as bitcoin tumbles by over $600

The rollercoaster ride of bitcoin which started earlier in the year continues as the digital currency witnessed a fall of about 7 percent in the last 24 hours trade. The fall eroded the gains bitcoin had made in last one week.

The most valuable cryptocurrency by market cap fell as much as over $600 in the last 24 hours trade. At the time of reporting, bitcoin was trading at $7,579, according to CoinMarketCap index. The corresponding market cap was $130 billion.

This was the second time in last one week when bitcoin crossed $8,000 level. Earlier, on July 27, following the US SEC’s refusal to allow Winklevoss brothers’ bitcoin-based ETF in the market, bitcoin had fallen below $8,000 level.

Bitcoin, during its fall, broke the crucial support price of $7,800 at around 1700 UTC and proceeded towards a free fall.

Before July 24, when bitcoin touched $8,000 for the first time in two months, the sentiments had been gloomy at the cryptostreet with bitcoin touching the year low last month. The market cap of the currency had also dipped below $100 billion mark for the first time in 2018.

Other major cryptocurrencies also followed bitcoin’s cue and fell up to 8 percent in last 24 hours trade. Ethereum, the second largest cryptocurrency fell by over 7 percent. It was exchanging hands at $419, lowest in last one month. The market cap of the cryptocurrency also dropped to $42 billion. XRP (Ripple), bitcoin cash and EOS were trading down by 2 percent, 7 percent, and 5 percent respectively.

Binance coin, a token by eponymous cryptocurrency exchange, was one of the three cryptocurrencies in top 100 by market cap which registered a growth in day’s trade. It was exchanging hands at $13.60, about 3.3 percent higher than the previous day's price. Binance is world’s largest cryptocurrency exchange by trade volume.