Bitcoin, which has been remarkably stable for a number of months, has suddenly lost more than 5% of its value, in just three hours, nearly $13 billion of value had been erased from the entire cryptocurrency market.
Bitcoin has recorded a sudden dip in price from $6,600 to $6,250, causing other major cryptocurrencies, including ripple (XRP), Ethereum, stellar, litecoin, EOS, and bitcoin cash to plummet along with it.
Bitcoin’s recent price (down from highs of almost 20,000 at the end of last year) has been put down to a fall in trading volume since its peak at the end of 2017.
Meanwhile, many investors are waiting on both regulators and the established financial services industry to show their cryptocurrency hands before deciding whether to cash out or double down on their investments.
The volume of XRP has fallen from nearly $2 billion to $670 million. The significant drop in the volume of XRP led the cryptocurrency to continuously decline in value. The 50 percent decline in the volume of Ripple and the lack of momentum of tokens have shown that investors are not willing to take high risk, high return trades in a period of uncertainty.