Bitcoin [BTC] slumps below major support at $6,400; crypto market shaves off $17 bn in value

Bitcoin [BTC] had hovered above $6,400 – a major support level – since September 20, indicating that the coin was steadying. The weekly volatility of Bitcoin was at a 15-month low earlier this week. The last significant volatility was seen in July last year.

The sharp decline in BTC price spawned a broader bearish trend in the market, with the top 50 coins trading in the red. Prior to the market decline, the global crypto market cap stood at $217.6 billion at 2330 UTC on Wednesday. Since then, close to $17 billion have been wiped out from the market’s total value. At press time, the total market cap stood at $201.1 billion, with a looming threat of dropping below the $200 billion mark .

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Written by Rashmita Sahu

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