Friday Shows Bloodbath for Crypto Markets, Bitcoin Price At $7,300

Friday, Nov. 22 - Cryptocurrency prices are bleeding heavily, with some of the top-20 coins showing losses of close to 10% on the day.

Bitcoin started the day just above the $7,600 price mark, when it suddenly started on another sell-off towards the $7,000 price level.

The coin bounced off a local low of $6,800 in recent hours, before moving up to its current trading price at $7,300, showing a loss of close to 4% on the day.

The world's largest cryptocurrency is down around 15% from the weekly open of $8,500 and has dragged the entire crypto market into red territory.

BTC could be testing below the $7,000 price markPopular crypto analyst and regular Cointelegraph contributor Filb Filb recently said that after looking at the daily chart, "It is clear that Bitcoin has hit the bottom of the downward channel in which it has been trading since July.".

Filb Filb pointed out that the price point of $7,600 will be a key level for the bulls to reclaim, which might turn out to be a challenge, especially in the short term.

Previously Cointelegraph reported that Bitcoin tanked due to the multiple rumors currently going around about a crackdown on legitimate Chinese outposts of cryptocurrency businesses.

The number one altcoin bounced of its daily low at $141, showing double-digit losses of more than 10% on the day, before moving up to its current trading price of $154 per coin.

XRP, the third-largest coin by market capitalization, has continued to lose ground and currently sits at $0.232 per coin, showing a loss of more than 3% at press time.

Top 20 coins are bleeding hardAll of the top 20 coins are showing red candlesticks, with NEO taking the title of biggest loser, seeing a loss of nearly 10% on the day.