The cryptocurrency markets had traded down for the majority of the weekend, and on Sunday morning the bitcoin price began to tumble toward the $7,000 mark. At approximately 17:30 UTC, support for that level began to evaporate, and bitcoin rapidly careened as low as $6,630 before experiencing a minor recovery to $6,724 when this article was written at 18:53.
For the day, bitcoin is down nearly 11 percent, while most large-cap altcoins have seen their prices fall by 12 percent or more. The rout briefly pulled the cryptocurrency market cap below $300 billion, though it is currently holding just above $301 billion.
As CCN reported this morning — when bitcoin was still trading above $7,200 — the price decline has correlated with significant decreases in trading volume over the past two months. This decrease in volume not only signals short-term uncertainty among investors but also primes the market for more violent price swings.