Bearish Crypto Markets See BTC Falling Below $6,500, ETH Down Under $500

June 13: all of the top ten coins by market cap have fallen by between 9 and 14 percent over the 24-hour period, as Coinmarketcap data shows.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) has taken an over 11 percent negative hit, trading around $6,449 to press time, bringing its monthly losses to almost 25 percent.

The leading cryptocurrency has now fallen below what some commentators consider to be an average BTC mining profitability threshold of $6,500. Robert Kelly told CNBC earlier today that this figure assumes that Bitcoin miners need to update their hardware almost every 18 months, bringing the costs of mining to roughly between $5,900 and $6,000.

Mining profit margin calculations globally have indicated a wide threshold, ranging between an extremely cheap $531 in Venezuela to a whopping $26,170 in South Korea. Aside from hardware costs, the local cost of electricity supplies is the other key factor affecting miners’ profits.

Bitcoin price chart

Bitcoin price chart from Cointelegraph’s Bitcoin Price Index

As of press time, Coinmarketcap data indicates 24-hour BTC trading volumes of $4.8 bln, up from their intra-weekly low of $3.8 bln.

Top altcoin Ethereum (ETH) has fallen over 10 percent in the 24 hour period, trading around $475 to press time. The coin has broken below its recent round figure low of