As the global cryptocurrency community and Italian food enthusiasts celebrate Bitcoin Pizza Day, most major virtual currencies are in the red.
Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin suffered loss in value simultaneously, while Bitcoin's fall was sudden.
The most popular cryptocurrency fell from a comfortable position on Monday, when it was trading for about $8,500 and was showing signs of recovery.
Bitcoin has fallen by more than $500 since then, and was trading at just over $7800 Wednesday, its lowest point since April 18.
It is the latest in a series of ups and downs for Bitcoin in recent months. The virtual currency has been showing a downward trend and touched a low of 6620 on April 6. Since then, the Bitcoin market saw a mid-term recovery, and rose by more than a third in value.
Bitcoin had jumped above $9,000 in late April, and it continued to climb to nearly $10,000 on May 6. Then started the next phase of descent, reflecting a 20 percent drop over the past two weeks.
All the other major currencies were trading in the negative territory on Wednesday, according to data from CoinMarketCap.
Bitcoin -4.45 percent, Ethereum -9.48 percent, Ripple -6.92 percent, Bitcoin Cash -9.41 percent, EOS -10.43 percent, Litecoin -6.07 percent, and Cardano -11.38 percent.
The market capitalization of all cryptocurrencies is at its one-month low with $352 billion changing hands.
Experts attributed the dramatic fall mainly to concerns over increased regulation. Besides, the hype around a post-Consensus conference rally also didn't take off.
by Joji Xavier
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