Bitcoin Slumps Below $6,000 Level

Cryptocurrencies have been tumbling this month from the continuous sell-off. Bitcoin sank below $6,000 level on Tuesday after a 6.2 percent fall to hit $5,887, its lowest level since June.

Other digital currencies are showing a similar trend. All cryptocurrencies except one of the top 100 listed on coinmarketcap.com declined in the last 24 hours. Ether, the virtual currency powering Ethereum blockchain fell by 12 percent. XRP dropped to $0.30, a 90 percent fall from its peak of $3 in December 2017 and also its lowest mark this year. The total market capitalization of cryptocurrencies was down to $190 billion from almost $835 billion in January this year.

In the month of July, cryptocurrencies including Bitcoin gained from a possible Bitcoin-backed exchange-traded fund but there hasn't been any progress in the US regulators signing off proposals for the product. It was one of the factors that discouraged the investors in virtual currencies.

Bitcoin sank as much as 23 percent in the month of August, extending its fall to 58 percent this year.