Bitcoin Could Drop Below $27k As Bearish Trend Continues

TL;DR

• Bitcoin has continued its poor performance and could drop below the $27k level if the bearish trend continues.

• The total cryptocurrency market cap now stands at $1.08 trillion.

Bitcoin Stays Below $27,500

The cryptocurrency market has continued its poor start to the week, with the prices of most coins and tokens down by 1% or more over the last few hours.

Bitcoin dropped below the $28k mark earlier this week and could record further losses in the near term. BTC has lost 0.6% of its value in the last 24 hours and is now trading around the $27,400 region.

The poor performance comes as the US Dollar became stronger following the US Treasury yield’s recent rally.

Despite the market’s poor performance, XRP, the native coin of the Ripple blockchain, is up by 4% in the last 24 hours. The rally comes as Ripple clinched yet another victory against the US SEC in court. The blockchain company also announced that it has obtained an operational license in Singapore.

The total cryptocurrency market cap continues to decline as major cryptocurrencies record losses. The total crypto market cap now stands at $1.08 trillion, down by 1% in the last 24 hours.