The cryptocurrency market update: Bitcoin drifts lower, bears aim at $8,000

Bitcoin is hovering at $8,300 with a short-term bearish bias.
Altcoins are range-bound after a sharp sell-off.

The first cryptocurrency shocked the market with the sharp sell-off. Bitcoin lost over $1,000 of its value in a matter of hours and dropped below $8500 for the first time since the beginning of summer. Moreover. the market capitalization dropped by $30 billion. It is worth noting, that the sell-off coincided with positions liquidation on BitMEX worth of $710 million.

Top-3 coins price overview

At the time of writing, BTC/USD is hovering around $8,300. The first digital coin has lost over 2.5% of its value since the beginning of the day and over 15% in recent 24 hours. The downside pressure is growing ahead of the US opening, while the coin is vulnerable to new losses.

Ethereum, the second-largest digital asset with the current market capitalization of $18.3 billion has stayed under pressure. The coin has lost nearly 16% in recent 24 hours and settled above $167.00, having recovered from the recent low of $155.62.

Ripple's XRP settled above $0.2300. The third largest coin with the market value of $10.2 billion has recovered 1% of its value since the beginning of the day; however, the upside momentum remains weak amid overall bearish sentiments on the market.

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