Bitcoin Falls Through $6,000 Support as Xapo President Warns of Altcoin ‘Extinction Event’

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Bitcoin (BTC) prices fell below $6,000 for the first time since the end of June Tuesday, August 14, as the cryptocurrency community remains resilient.

Data from Cointelegraph’s price tracker and Coin360 depict a gloomy environment for traders Tuesday, with all major assets in the red as Bitcoin falls almost 5 percent in 24 hours. Top ten coins are seeing as much as 17 percent losses on the day, with top fifteen coins are down as much 20 percent over the same period.

Market visualization from Coin360

At press time, BTC/USD traded just above the significant barrier around $6,100, capping weekly losses of 14 percent.

Bitcoin’s 7-day  price chart. Source: Source: Cointelegraph Bitcoin Price Index

The pair has come full circle since mid-July, when a sudden bull market took over to bring prices to a peak around $8,450 across major exchanges.

Progress then reversed as August began, meaning investors have seen monthly gains to date of