- Bitcoin nears its lowest level of the year with other major cryptocurrencies ether and XRP falling double digits.
- The total cryptocurrency market capitalization has dropped by $19 billion in the past 24 hours.
Bitcoin fell below $6,000 Tuesday for the first time since June as the majority of cryptocurrencies declined in value.
The world’s largest digital currency by market value tumbled as low as $5,900.38, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency later recovered to $6,111, and was down 2.5 percent as of 3:40 p.m. ET.
Bitcoin came close to hitting its lowest point of the year, last seen on June 18 when it retreated to $5,785.
“What we’re seeing now is a bit of panic selling,” Brian Kelly, founder and CEO of BKCM said on CNBC’s “Power Lunch“. “Investors that were in it, and maybe caught the hype in November and December, are now panic selling out.”