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Bitcoin hits new market low as price trades below $6,000

(Heartland Newsfeed) — Bitcoin prices sunk below $6,000 in market trading Friday, busting below an already established low for 2018.

Based on an average of all major Bitcoin exchanges, the average price of Bitcoin sunk to $5,938.18 at 3:51 PM CDT, surpassing a prior market low of $5,947, which took place in early February.

As of publication, prices have recovered to an average of nearly $6,138 since the new low was established, but it shows brief signs of relief as the average price of Bitcoin dropped more than $700 since the beginning of Friday’s trading.

Today’s market actions also resulted in a dip in Bitcoin’s market capitalization, falling back to its lowest of the year at $102 billion.

Bitcoin analysts suggest that a bearish market is behind the recent decline as earlier technical charts presented the potential of Bitcoin falling below $6,000.

Prices hit a high for the week on Wednesday before bearish traders started a sellout late Thursday evening, although it is unclear what is to come in the week ahead.

As of publication, Bitcoin is trading on Coinbase at $6,146.46, Bitcoin Cash is trading at $766.06, Ethereum is trading at $469.18 and Litecoin trading at $85.80.

About the Author

- Jake Leonard is the editor-in-chief of Heartland Newsfeed. He is general manager of Heartland Internet Media Networks and an active contributor to four newspapers for Pana News Group. He also serves as chairman of Tri-Counties Libertarian Party and Capital Area Libertarian Party, deputy candidate recruitment director for the Libertarian Party of Illinois and as chairman/co-founder of the Libertarian Party Millennial Caucus.

Bitcoin hits new market low as price trades below $6,000