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As Downtrend Continues, Bitcoin Price Drops Under $10,000

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Bitcoin (BTC) lost its grip on the $11,000 price mark earlier on Monday, July 1 to sink below $10,000 at press time. The leading cryptocurrency has pulled other top-20 coins down, with none of them reporting gains, according to data from Coin360. The top cryptocurrency by market value rose to a 17-month high of $13,880 last Wednesday only to end the week on Sunday (UTC time) with a 0.66 percent loss at $10,760, according to Bitstamp data.

“$9715 will be the 30% correction for BTC,” commented popular trader Josh Rager on Monday, July 1. He added that a four-digit price is now a “gift” in the short-term as the overall long-term trend remains bullish.

On its weekly chart, the coin has remained risky, surging to $13,756 on June 26 and slumping to its present worth because of the lowest mark.

BTC has been profitable as an investment 98.2% of the days since its creation, per data from holdcalc.com. Counting 3,830 days back — to January 4, 2009, one day after the coin’s Genesis Block was hashed — holdcalc’s data suggests that on 3,671 of these, it was profitable to buy BTC as an investor.

Coin360 shows that ethereum (ETH) has experienced a drop by roughly 6% on the day to trade at $277 at press time. The second-largest cryptocurrency has seen a drop of over 12% on its weekly chart, while in terms of its monthly performance ETH is 2.87% in the green.

At the top-20 cash record, one of the vital easiest fresh performers Chainlink (LINK) has registered a double-digit loss by way of just about 10% to have its present worth on the $3.27 mark. Litecoin (LTC) is down by way of 6% at the dat and is buying and selling at round $115 at press time.

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The overall marketplace capitalization of all virtual currencies is now beneath $300 billion at around $294 billion at press time.

In traditional markets, oil surged today, with U.S. crude futures for August climbing $1.65, or 2.8% to $60.12 a barrel, according to CNBC. At the same time, financial markets were buoyed by the thawing of U.S.-China relations after the countries’ leaders agreed to restart trade talks.