Bitcoin price (BTC/USD) drops below $8,000 in Thursday trading
Cryptocurrency

Bitcoin price (BTC/USD) drops below $8,000 in Thursday trading

Bitcoin price (BTC/USD) drops below $8,000 in Thursday trading

Having dropped below the $9,000 mark earlier this week, the original cryptocurrency, Bitcoin suffered another heavy blow on Thursday.

After spending the morning portion on the session hovering around $8,500 mark, the digital coin fell sharply in the afternoon, posting its first drop below $8,000 since June 12. The coin fell to as low as $7,895.63, but managed to pare its losses in the final hours of the session. The coin finished the session at $8,118.97, which was still well below its opening level of $8,487.67.

The $8,000 mark came under pressure again during today’s early trading, when the Bitcoin price fell to as low as $8,015.14. However, after resisting a new drop to sub-$8,000 levels, BTC has picked up in more recent trading. At the time of writing, the Bitcoin price was hovering around level of its Thursday close, according to data from digital currency tracker Coinmarketcap.

Analysts have attributed the recent crypto slump to a combination of technical factors and the underwhelming launch of Bakkt’s physically-backed Bitcoin futures. According to Soravis Srinawakoon, co-founder and chief executive officer of decentralised data governance project Band Protocol, there is a negative macro sentiment in the crypto sector.

“Looking at the technical chart of Bitcoin, we’ve been seeing a squeeze in a descending triangle of the bitcoin price in the past few days,” Srinawakoon said, as quoted by Coindesk. “Combined with the recent disappointing launch of Bakkt, it is clear there is an overall negative macro sentiment in the market.”

In today’s trading, the Bitcoin price stood at $8,117.01, as of 09:51 BST. The digital currency has lost 4% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $145.7 billion, which represents 68% of the combined value of all digital currencies.

Featured image: Inked Pixels / Shutterstock.com

More Resources

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.