Bitcoin & Cryptocurrencies Development

Bitcoin's price performance has taken a sharp turn for the worse in the last few hours, falling to its lowest level in 6 weeks, below 28,800 US dollars.

As usual, altcoins are also in the red, and the total market capitalization for cryptocurrencies has fallen by over USD 20 billion.

BTC under 29,000 US dollars
Bitcoin doesn't usually stay calm for long, which could prepare the community for what has happened in the last 24 hours. This is because the cryptocurrency traded quietly in a range between 29,000 and 29,500 US dollars for about a week, and even the interest rate hike by the US Federal Reserve on Wednesday did not change the situation much.

Then came the weekend, normally an uneventful part of the week, and BTC remained just below USD 29,500.

However, all that changed during the early hours of the Asian trading session today as the bears took control and pushed BTC sharply south. As a result, the price fell to its lowest level since June 21 to USD 28,750 (on Bitstamp).

Bitcoin has managed to recover a few hundred dollars since then, but is still below 29,000 US dollars. Its market capitalization has retraced to $562 billion, and its dominance over altcoins is 48.3 % on CoinMarketCap.