The market sell-off appeared to reach at least a temporary bottom on Tuesday, as — led by the Bitcoin price — cryptocurrencies have made a moderate recovery since marking another day off the calendar.
Cryptocurrency Market Cap Briefly Sinks Below $300 Billion
Early Tuesday morning, the cryptocurrency market cap sunk to $276 billion, its lowest point since November and a mark that Bitcoin itself was valued above as recently as early January.
The downturn correlated with increased regulatory pressure, hostile postures from credit card issuers, and a $4 trillion sell-off in the world stock markets.
At roughly 3:00 UTC, however, the cryptocurrency markets began to tick upward, and by the time of writing they had recovered past the $300 billion threshold to a present value of $319 billion. This still represents a 24-hour decline of more than 11 percent, but it nevertheless provides a bit of respite to the otherwise-floundering markets.
Bitcoin Price Eyes $7,000
The early morning bump enabled the Bitcoin price to climb back to a present value of $6,922, a nearly $1,000 increase from its daily low, which saw Bitcoin fall below $6,000 for the first time since November 12. Bitcoin now has a market cap of $116 billion, which represents a daily decline of just under 10 percent.