The Bitcoin price (BTC/USD) has manage to edge higher on Friday, but it still remains well below the psychological level of $10,000.
The original cryptocurrency saw some difficult trading following the sudden sell-off that sent its price below the $10,000 mark on Wednesday afternoon. The digital coin fell to a one-month low of $9,421.63 during yesterday’s morning session and while it managed to weather the storm in subsequent trading, its price remained around the $9,500 mark. BTC eventually finished the session at $9,510.20, down from its opening price of $9,756.79.
Bitcoin revisited the levels near yesterday’s low in today’s early trading, but it eventually managed to overcome the poor start to the session. The coin has bounced back in more recent trading and even managed to briefly recapture the $9,600 mark, according to data from digital currency tracker Coinmarketcap. At the time of writing, the coin was hovering around the $9,600 level.
Industry observers and investors haven’t been able to pinpoint a specific reason for the Wednesday sell-off. Some have suggested that the move might be related to the Bitcoin futures expirations scheduled for today. Jeff Dorman, chief investment officer at Arca, suggested that any negative moves were exacerbated by weak market activity.
“Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week,” Dorman said earlier this week, as quoted by Bloomberg. He also opined that the drop was triggered by weakness in the prices of major altcoins.
“The only definitive thing I can point to is that the move was led by declines in EOS, ETH, XRP, BCH, LTC and other large-cap tokens that have been out of favor for months. I just don’t think there are a lot of investors willing to defend price right now.”
In today’s trading, the Bitcoin price stood at $9,594.71, as of 12:05 BST. The digital coin has gained 1.1% in the past 24 hours.
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