The original cryptocurrency, Bitcoin (BTC), had another disappointing session at the end of its worst week for 2019. Having opened the Sunday session at $8,246.04, the digital coin dropped below the $8,000 mark during the late afternoon trading. The coin fell to as low as $7,990.50, but it managed to pare some of it losses in the final hours of the session. BTC finished the day at $8,104.19, according to data from digital currency tracker Coinmarketcap.
That close meant that Bitcoin had lost 19.5% since Monday. As noted by MarketWatch, this was Bitcoin’s biggest weekly drop this year. The coin incurred most of its losses on September 24, when its price plunged below the $9,000 mark. Many analysts noted that the underwhelming launch of Bakkt’s physically-backed Bitcoin futures had largely caused BTC’s price slump. Others noted that the coin’s problems had been compounded by technical factors.
“[E]very low price that Bitcoin has bounced off of, and every high price that has been reached has proven to be resistance,” Jeff Dorman, chief investment officer of Los Angeles-based asset manager Arca, said last week, as quoted by Bloomberg. “Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self fulfilling prophecies”.
The Bitcoin price experienced further selling pressure at the start of this week, with its price falling to as low as $7,832.47 in today’s morning session. However, the coin has managed to bounce back and reclaim the $8,000 in subsequent trading.
In today’s trading, the Bitcoin price stood at $8,073.46, as of 13:33 BST. The digital currency has lost 0.5% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at just over $145 billion, which represents 67.3% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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