Bitcoin trades below $60,000

Bitcoin traded below $60,000 amid selling pressure in the markets, and cryptocurrency mining companies reducing Bitcoin.

According to CNBC, Bitcoin fell by about 4.5% during trading on Monday, approaching a drop below $58,000.

The market value of the cryptocurrency fell to $1.1 trillion, according to CoinMarketCap.

Bitcoin had received significant support in the past period from statements by Republican presidential candidate Donald Trump, who said that the United States would not sell any Bitcoin during his term and would keep it, before a major shock came at the beginning of last week and plunged all global markets, including cryptocurrencies.

Speaking of the most popular currency after Bitcoin, Ether fell by more than 3%, trading below $2,600.

The cryptocurrency’s market cap reached $312 billion, but it rose by $13 in 7 days of trading.