The Bitcoin price (BTC/USD) has fallen below the $8,000 level after experiencing a sharp drop in today’s early trading.
The original cryptocurrency spent the entirety of yesterday’s session defending the $8,000 level, which came under significant pressure during the early hours of trading. The digital coin managed to resist that pressure and, after falling to as low as $8,000.94, bounced back to recapture the $8,100 level. The coin rose to as high as $8,134.83, before finishing the day at $8,103.91, up from its opening price of $8,047.81.
However, BTC’s defence of the $8,000 mark suffered a heavy blow in today’s morning session, when the coin tumbled to around $7,950. In more recent trading the coin hit an 18-day low of $7,903.22, according to data from digital currency tracker Coinmarketcap. At the time of writing, the Bitcoin price was hovering around the $7,930 mark.
Earlier this week, eToro’s senior market analyst Mati Greenspan said on Twitter that trading volumes “across all crypto venues” were “dismal”. He cited data from Messari, which takes into account the trading activity on the top 10 cryptocurrency exchanges.
According to Messari’s most recent data, the top 10 platforms processed roughly $290 million worth of BTC trades in the past 24 hours. This so called “real volume” is Messari’s response to reports that the bulk of volumes reported by crypto platforms are fake. In contrast, according to Coinmarketcap, which takes into account data from all exchanges supporting BTC trading, roughly $15 billion worth of BTC coins have changed hands over the past 24 hours.
While pointing out Bitcoin’s recent troubles, Greenspan also noted that the coin had a strong year.
“Let’s not forget that bitcoin is one of the best performing assets this year. After all this action a period of stabilization is more than welcome. Bitcoin is not dead. It’s just resting,” he said, as quoted by Forbes.
In today’s trading, the Bitcoin price stood at $7,927.69, as of 11:10 BST. The digital coin has lost 2.1% of its value in the past 24 hours.
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