The Bitcoin price (BTC/USD) has managed to rebound after a sharp slump sent it to a three-week low in today’s morning session.
The original cryptocurrency had its worst trading session in nearly a month yesterday, as its price decreased by more than $800 throughout the day. After opening at $10,889.49, the digital coin continued to move on a steady downward trajectory as part of a downtrend that had emerged on Tuesday afternoon. While the coin experienced a slight uptick in the afternoon, its efforts to stay above the $10,500 mark were unsuccessful. The BTC price tumbled to as low as $10,028.14, before closing the session at $10,051.70. This marked Bitcoin’s largest daily loss since July 16, when the coin’s price decreased by nearly $1,500.
The coin continued its decline during the early hours of today’s session, when its price hit a near three-week low of $9,676.63. However, the coin has been able to recover its losses and retake the $10,000 mark in subsequent trading. At the time of writing, the Bitcoin price was hovering around the level of its Wednesday close, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s latest pull-back has triggered an even larger downswing across the digital currency market. Most major altcoins, including Ether (ETH), XRP and Bitcoin Cash (BCH) have seen big losses over the past 24 hours. Ether and EOS have been the worst performing coins in the crypto top 10, having incurred double-digit percentage losses. BCH, XRP and Litecoin have also lost close to 10% of their respective values.
In today’s trading, the Bitcoin price stood at $10,107.88, as of 11:33 BST. The digital coin has lost 3.8% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $180.7 billion, which represents 68.6% of the combined value of all digital currencies.
Featured image: Inked Pixels / Shutterstock.com
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