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July 12 (MT Newswires) -- Bitcoin has dropped 4.40% in the span of the last 24 hours, with its trading volume decreasing by 3.62%. As of Tuesday, BTC is trading at $19,632.17 per coin. This indicates that its value has decreased under the $20,000 threshold.
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Bitcoin's all-time high price of $69,044.77 was recorded on Nov. 10. This indicates that the cryptocurrency is currently trading 71.57% below its all-time point of value.
Various events have contributed to this decrease in value, such as the leading crypto exchange platform Vauld suspending all deposits and withdrawals, while the cryptocurrency broker Voyager Digital filed for bankruptcy.
The collapse of the Terra and TerraUSD cryptocurrencies also influenced the broader crypto market.
Furthermore, nearly all industrial Bitcoin miners in Texas shut down their machines as the companies braced for a heat wave. This included miners such as Riot Blockchain, Argo Blockchain, and Core Scientific.
When we take a look at Bitcoin's 7-day low, it was at $19,420.08, while its 7-day high was $22,109.67. The world's most popular cryptocurrency is hovering between these two value points, which is less than a third of its peak.
This is also an indication that Bitcoin is still declining in value, with June being BTC's worst month in 11 years. Since Bitcoin is the largest cryptocurrency in terms of market capitalization, its price swings influence the broader crypto market.
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