On Sunday, the bitcoin price dropped beneath $6,700 as the market went through a double-digit percentage sell-off.
For most of the weekend, the cryptocurrency markets had been down and on Sunday morning, the bitcoin price started to dive toward the $7,000 region. The price was unable to stand its ground and bitcoin prices swiftly declined as low as $6,630 before going through a slight recovery to $6,724.
The bitcoin price was almost 11 percent down, while most major altcoins have experienced their prices drop by 12 percent or so. The trend for a while drove the cryptocurrency market cap beneath $300 billion, even though it is presently trading just higher than $301 billion.
According to reports this morning, when bitcoin was holding just above $7,200, the price drop was in line with significant declines in trading volumes over the past two months. This drop in volume does not only indicate a short-term probability among investors but also poses the market for further significant price changes.