A crypto correction has been on the cards for some time and it has finally arrived this morning. Bitcoin dumped almost a thousand bucks and total market capitalization shrunk by $32 billion in a matter of hours.
After spending most of the day trading in the $8,000 range Bitcoin plunged to a low of $7,175 in less than an hour. The ten percent dump triggered a market wide selloff with altcoins getting hit harder as usual. At the time of writing BTC had recovered a little to $7,300 but further losses are expected. Analysts are eyeing the $6,400 level as support and a new buying zone.