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Bitcoin Battered, Enters Correction Territory as Bears Take Control

© Reuters.
© Reuters. — Bitcoin tumbled into correction territory on Tuesday, wiping billions off its value after falling below the key $8,000 level amid increased selling pressure.

fell 11.67% to $7,662.30, down from a high of $8,555.00 after it rose above $8,000 earlier this week. The popular crypto entered correction territory after falling 15.6% since from its peak of $9,100 last week.

Some attributed the plunge to a “bitcoin whale” dumping a large holding off bitcoin, only to buy it back again at a lower price. With sizable holdings of bitcoin, bitcoin whales are notorious for causing wild swings in the market when they take a noticeable position in either direction.

While wild swings in the popular crypto are not uncommon, the plunge in bitcoin below $8,000 has seen its market cap, which is used to gauge demand, slump to $139 billion from $151 billion a day earlier, suggesting the bears could be in the ascendency until bitcoin bulls see value again.

Despite the drop in the bitcoin, it remains well above its early-May lows, when it was trading at around $5,500, before staging a rally that saw it record its best month since August 2017.

The downward spiral in bitcoin was mirrored by other cryptos; fell 10.69% to $0.3936, plunged 7.9% to $240.19 and slumped 9.5% to $101.22.

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