The Bitcoin price (BTC/USD) has seen a significant drop on Thursday amid a larger correction affecting most digital currencies.
The original cryptocurrency spent the entirety of the Wednesday session trading below the $8,000 mark. The morning part of the session was relatively quiet, with the digital coin holding above the $7,900 level. The situation changed in the afternoon, especially in late trading, when BTC fell to as low as $7,615.99. The coin eventually finished the session at $7,680.07, well below its opening price of $7,956.29.
Bitcoin declined further in today’s morning session, with its price falling below the $7,600 mark. At the time of writing, the Bitcoin price was hovering around the $7,580 level, according to data from digital currency tracker Coinmarketcap.
Market correction
Over the past few days BTC has shown signs of buyer exhaustion, hinting at a possible correction following it strong rally earlier this month. The coin has repeatedly failed to secure a stable position above $8,000 since it first recaptured that level on May 13. Several of its advances have been repelled around the $8,300 mark.
Bitcoin’s current decline coincides with a larger downtrend, observed across the wider digital currency market. Most major altcoin, including Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC), have seen significant losses in the past 24 hours. Cardano (ADA) and Stellar Lumens (XLM) have been the worst performing digital coins in the crypto top 10 over that period, having lost 11.6% and 9.4% of their respective values.
In today’s trading, the Bitcoin price stood at $7,585.10, as of 10:59 BST. The digital coin has lost 4.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $134.4 billion, which represents 57.1% of the combined value of all digital currencies.
Featured image: Allexxandar / Shutterstock.com
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