Bitcoin Plunges to $6500 As Bloodbath Continues

Sunday seemed somewhat optimistic as Bitcoin was finally in the green after days of red candles. Even though there was a blunt sense of relief in the community – it didn’t last long. Before the bulls had a chance to return, the bloodbath continued today with even more losses.

Today, Bitcoin’s price dropped down to $6,500 before recovering a bit to its current point at around $6,700. The cryptocurrency is down by 7% in the past 24 hours. The situation looks even worse over the past ten days. Just a week ago, BTC was trading at more than $8,700, suggesting that over this period, Bitcoin lost around $2,000 of its dollar value.

BTCUSD Chart TradingView-min
BTC/USD Bitstamp. Source: TradingView

As CryptoPotato reported yesterday, $6,800 was a critical support level, but it couldn’t hold its ground. If the bears continue pressing the price down, the next significant support is at $6,200, followed by $6,000. On the other hand, if the bulls are to stage a comeback, they’d first have to overtake the resistance at $7,300 and then at $7,700.

Bitcoin’s decline dragged the entire market down as almost all altcoins are trading in the red as well. Ethereum and Binance Coin (BNB) are down about 10%, Ripple lost 8.71%, while Litecoin saw 8.24% of its value gone. At the same time, it’s worth noting that Bitcoin managed to retain its dominance, which currently stands at 66.2%, suggesting that the decrease didn’t allow altcoins to flourish.

Total Market Capitalization: $183 Billion | Bitcoin Market Capitalization: $121 Billion | Bitcoin Dominance: 66.2%

Major Crypto Headlines

Bakkt cash-settledCash-Settled Bitcoin Futures To Launch On December 9th. The Intercontinental Exchange (ICE) recently announced that its Bitcoin Futures trading platform, Bakkt, will launch a cash-settled contract. It will be listed on the ICE Futures Singapore, starting on December 9th.

China Clarifies Cryptocurrencies Are Illegal: Bitcoin Records 6-Month Low In Response. China continued with its narrative “Blockchain, not Bitcoin” as the country remained strong behind its position that cryptocurrencies are illegal. The People’s Bank of China urged for further regulations and control over crypto trading in a new regulatory update.

Bitfinex Under Legal Attack: Another Class-Action Lawsuit Filed in Washington. Yet another “copycat” class-action lawsuit had been filed against Bitfinex and Tether, and this one comes from the Western District of Washington. The company issued an official response, denying all accusations and implying that they will take legal action against those “mercenary lawyers.”

Significant Daily Gainers and Losers

Matic Network (3.45%)

It’s difficult to point out notable gainers with the current state of the cryptocurrency market. MATIC is one of the few that stand in green, recording a 3.45% gain against the dollar. However, trading against BTC, it surged with over 12%, reaching 266 SAT. The company currently announced a partnership with Monolith to utilize further involvement in DeFi applications.

Cosmos (2%)

ATOM is next on the list among the top-seeded cryptocurrencies by market cap. It’s currently trading at $3,24, which is a minor increase against USD, but it’s much more notable against BTC – over 10%. Cosmos continues with its support for Inter-Blockchain Communication (IBC) to implement other types of businesses on its blockchain network.

Huobi Token (-17.2%)

When the cryptocurrency prices are decreasing, exchange coins are often in leading the negative movement. There is no obvious news connected to HT’s decrease at the moment, and it’s safe to assume that it’s another victim of the current market decline. Huobi Token, currently ranked 19th, has lost over 17% of its value over the last 24 hours. The current price is $2.29 USD, and it has dropped to 34103 SAT.

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