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Bitcoin price (BTC/USD) hovers around $8,000 following lacklustre Sunday

Benson Toti

The Bitcoin price (BTC/USD) has dropped below the $8,000 mark after a disappointing Sunday session.

Having opened yesterday’s trading at $8,149.88, the original cryptocurrency spent most of the session moving on a downward trajectory. The digital coin had a brief respite in the early afternoon, thanks to a rebound that followed its initial drop below $8,000. However, after failing to recapture the $8,100 mark, BTC pulled back to sub-$8,000 levels. The coin finished the session at $7,988.16, which was its first close below $8,000 since June 11.

Bitcoin continued to experience difficulties during the early hours of today’s session, when the $7,900 mark came under significant pressure. The coin fell to a one-week low of $7,907.56, according to data from digital currency tracker Coinmarketcap. However, the coin has been able to recover its losses in more recent trading and even managed to return above the $8,000 mark. At the time of writing, the Bitcoin price was hovering around the $8,020 level.

Bitcoin’s recent struggles reflect the coin’s inability to recover from its late September slump that followed the underwhelming launch of Bakkt’s physically-backed Bitcoin futures. The Bitcoin price was hovering above the $10,000 mark prior to the launch.

Despite its underwhelming performance of late, Bitcoin remains well ahead of the best performing asset classes in the US, industry website Coindesk reported on Saturday. The cryptocurrency has more than doubled its value since the start of this year, outpacing a 31% gain realised by the US tech sector.

In today’s trading, the Bitcoin price stood at $8,025.84, as of 11:52 BST. The digital currency has lost 0.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $144.3 billion, which represents 66.6% of the combined value of all digital currencies.

Featured image: FrameAngel / Shutterstock.com

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