The price of bitcoin tumbled to fresh multi-week lows on Thursday, as the largest cryptocurrency continued to trade independently of broader market forces. The fresh dump came as central-bank liquidity fueled strong rallies in stocks, gold and the U.S. dollar.
Bitcoin’s price touched an intraday low of $6,900 on Bistamp, the lowest in over two weeks. The largest cryptocurrency by market cap was last seen hovering near $6,950, down 3.2% on the day.
A lack of momentum has kept bitcoin subdued to the $7,000-$7,500 trading range for the better part of five weeks. The largest cryptocurrency has pierced $7,600 only twice over that stretch; first on Nov. 30 and then again on Dec. 23. Each time, the rally quickly fizzled and the bears took over.
At current values, bitcoin has a total market cap of $126.6 billion, according to CoinMarketCap. It represents 68.1% of the overall cryptocurrency market. Real turnover in the bitcoin spot market plunged to around $457 million, according to Bitwise tracking data. Typically, daily trade volumes need to exceed $1 billion for there to be any sustained price appreciation.