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Bitcoin has not been doing very well over the last few weeks. Ever since hitting nearly $20,000 right at the end of 2017, it has been steadily losing value. As of writing, Bitcoin was standing at $6, 417 and this is where the cryptocurrency is desperately trying to hold its value. With the digital coin on life-support, it could easily dip below $4,000 over the coming weeks or months.
On Aug. 8, the total market capitalization for Bitcoin saw an alarming shrinkage, resulting in only $219 billion in total value. This was the lowest it had been since November 2017, Cointelegraph reports. It has since recovered, and as of writing, it’s sitting at $233 billion. Even so, many are already speculating doom for the cryptocurrency if trends hold.
Trading for Bitcoin has been a significant source of concern, as well, since that line has been particularly jagged throughout the month. Weekly losses hold at a dismal 13.8 percent, though the month did see a recovery for the digital currency at two percent.
Bitcoin is in such dire straits that it could keep losing value until it hits the $4,000 mark in a few weeks, Forbes reports. This is according to a Bloomberg analyst, Mike McGlone, who noted that the cryptocurrency is currently in dump mode.
Other analysts have weighed in, however, saying that investors seem to be unwilling to drop below $5,000. Every time Bitcoin got close to approaching this figure, the market steps in to make it bounce up again.
There’s also the matter of the U.S. Securities and Exchange Commission (SEC) possibly ruling against the VanEck Bitcoin exchange-traded fund (ETF). The commission has already delayed the ruling with regards to this particular topic. If it ends up rejecting the proposal, it could become the trigger that finally sends Bitcoin plummeting to the lowest depths, with investors losing confidence.
