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.
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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
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