The moment of relative stability of Bitcoin ended abruptly on Wednesday.
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The total market capitalization of the cryptocurrency dropped $ 15 billion on Wednesday within 24 hours, according to CoinMarketCap.com. The total market cap was $ 85 billion, down more than 70 percent since the beginning of the year.
From the point of view of technical analysis, since Bitcoin falls below $ 6,000, it is possible for stop loss orders to automatically take effect and investors will try to break it, "said eToro senior market analyst Mati Greenspan.
Spillover from the US stock markets, which were down by Apple on Wednesday, could also weigh on crypto prices.
"Another factor is the sell-off of tech stocks," said Greenspan.