The Bitcoin price (BTC/USD) has tumbled to a near two-week low following some challenging weekend trading and a poor start on Monday.
The original cryptocurrency experienced some poor trading over the weekend, especially on Sunday, when its price plunged by more than a $1,000. Having lost some $400 on Saturday, the digital currency opened the Sunday session at $11,381.02 and actually enjoyed some decent price action in early trading. BTC rose to an intraday high of $11,451.20, but it wasn’t able to sustain trading at those levels throughout the rest of the session. The coin dropped below the $11,000 mark in the afternoon and eventually finished the session at $10,256.06.
Bitcoin saw further losses during the opening hours of today’s trading, when its price dropped below the $10,000 mark for the first time since July 2. Since then, however, BTC has managed to pick up and has even returned to the positive territory in recent trading. At the time of writing, the Bitcoin price was hovering around the $10,300 level, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s drop appears to be part of a larger downswing, observed across the digital currency market. Major altcoins, such as Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), have seen double-digit-percentage losses over the past 24 hours.
Last week, the US president Donald Trump commented on the sector, saying he was ‘not a fan’ of Bitcoin and other digital currencies. He was particularly critical of Facebook’s upcoming cryptocurrency Libra:
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” Trump said in a tweet.
In today’s trading, the Bitcoin price stood at $10,293.39, as of 09:41 BST. The digital currency has lost 7.7% of its value in the past 24 hours, Coinmmrketcap data shows. The coin’s total market cap currently stands at $183.4 billion, which represents 65.8% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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