Is Bitcoin in a bear market?

According to Bloomberg’s composite price, Bitcoin entered the bear market at one point on Wednesday, after the world largest traded cryptocurrency fell 20% below the record highs reached on Monday.

The latest sell-off in bitcoin attributed to a number of negatives, including a sharp rally in its rival bitcoin cash and the bankruptcy of a South Korean exchange that suffered a cyber-attack. 

At the time of writing, Bitcoin on Bitinfex exchange stalls a four-day sell-off and rebounds +1.70% to trade near $ 16,700 levels. Meanwhile, Bitcoin cash extends its bullish streak to trade at $ 3,636, up 6.51% on the day.