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Bitcoin price (BTC/USD) rebounds after Monday’s drop below $10,000

Benson Toti

The Bitcoin price (BTC/USD) has managed to bounce back after falling below $10,000 on Monday morning.

The original cryptocurrency experienced some challenging trading on Monday morning as it was still struggling to recover from the major price downswing it had seen over the weekend. During the opening hours of the session, the coin fell to a low as $9,992.01, which was its first drop below $10,000 since July 2. While the coin was able to quickly recapture the $10,000 level, it spent the rest of the morning session, as well as the early afternoon, mostly hovering below its Sunday close of $10,257.84. However, the situation changed during the latter stages of the session, when BTC finally experienced a convincing rebound. The coin even briefly topped the $11,000 mark, before finishing the day at $10,895.09.

Today’s session has so far been relatively uneventful, with Bitcoin experiencing a slight decline in the morning. At the time of writing, the Bitcoin price was hovering around the $10,740 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s recent struggles coincided with a larger crypto downswing that happened ahead this week’s US Congress hearings on Facebook’s recently announced Libra project. Later today, Facebook’s blockchain chief David Marcus is set to testify before the Senate Banking Committee and tomorrow he will be questioned about the project by members of the House Financial Services Committee. US lawmakers have already voiced their concerns over the project and have urged Facebook to agree to halt development on the project until those concerns have been addressed.

In today’s trading, the Bitcoin price stood at $10,743.44, as of 11:58 BST. The digital coin has gained 3.9% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at nearly $191.5 billion, which represents 66.6% of the combined value of all digital currencies.

Featured image: Visual Generation /Shutterstock.com

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