Bitcoin Selloff Resumes After Failure to Crack $7,000 By Investing.com

Bitcoin Selloff Resumes After Failure to Crack $7,000

Cryptocurrency Jul 10, 2018 04:59PM ET

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Bitcoin Selloff Resumes After Failure to Crack $7,000

Investing.com – Bitcoin fell Tuesday as fragile support for the popular crypto faltered after traders pulled billions from the market.

Bitcoin fell 4.64% to $6,388.4 on the Bitfinex exchange, to hover just above a session low of $6,324.8.

Bitcoin's attempt to rise above $7,000 was met with a wave of selling pressure, prompting traders to pull their funds from the crypto market, reducing support for cryptos.

The total crypto market cap fell to $254 billion, at the time of writing, from about $272 billion Monday.

While there was no single reason for the selloff in bitcoin, some crypto observers had cited $7,000 as a zone of resistance – price levels that trigger selling.

Others, however, claimed renewed security concerns were the driver of the selloff in cryptos.

Israeli start-up Bancor reported Monday it had loss $12.5 million worth of ethereum and $1 million of a lesser-known token called Pundi X after cyber thieves had exploited a security vulnerability.

Ripple XRP fell 5.37% to $0.44850 on the Poloniex exchange, while Ethereum fell 7.45% to $440.62.

Bitcoin Cash fell 5.85% to $698.80, while Litecoin fell 4.24% to $77.69.

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