For the first time since June, Bitcoin has fallen below $6,000 amid cryptocurrency sell-off.
Bitcoin fell as much as 6 per cent to a low of $5,880, its weakest since June 29, according to Reuters data.
“Most cryptocurrencies have been overvalued for a very long time,” Samson Mow, chief strategy officer at blockchain developer Blockstream Corp told Bloomberg.
“It’s hard to pin this move on any particular factor, but it feels like the opposite of last year when money piled in as people felt FOMO. Now it’s piling out as they sense panic,” Mow added.
After touching record highs of $20,000 last December, the digital currency has had a roller coaster year so far.