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Bitcoin Price Hits One-Week Low In Drop Below $8K
The price of bitcoin fell below $8,000 for the fourth time in seven days as the cryptocurrency's value sank to its lowest level since July 23rd.
Par Sam Ouimet
The price of bitcoin fell below $8,000 for the fourth time in seven days Tuesday as the cryptocurrency's value sank to its lowest level since July 23.
As of press time, the world's largest cryptocurrency by market capitalization is averaging $7,764.44, according to CoinDesk's Bitcoin Price Index (BPI). That figure represents a roughly 4.9 percent decline since the day's open of $8,168.00 and a step above Tuesday's reported low of $7,677.94.
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Bitcoin was in some familiar territory just yesterday when the price slipped below $7,900, followed by a quick recovery above $8200.
While the recent turbulence can be seen as slight cause for concern for the bulls, bitcoin is less than 12 hours away from closing a productive month during which – as it currently stands – its price increased more than 22 percent and surpassed the prior month's volume for the first time since February, according to the Bitfinex Exchange.
Other cryptocurrency markets are faring similarly, market data shows.
At press time, five of the 10 largest cryptocurrencies by market capitalization are recording 24-hour percentage losses of more than 5 percent. The biggest loser of which is EOS, which is currently printing a 10.36% loss, according to CoinMarketCap.
Image via Shutterstock
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Altcoins plunge as bitcoin's $85,000 test triggers $550 million in liquidations
Solana tumbled below $120 to its weakest price since April, while SUI, DOGE and ADA also fell sharply.
What to know:
- Bitcoin is teetering on the brink of falling below $85,000 level, accelerating declines in the crypto market.
- Altcoins such as SOL, Cardano, ADA, SUI and dogecoin led Thursday's drop.
- $550M in liquidations hit derivatives markets, but analysts said the pullback looks like orderly deleveraging rather than full-blown panic.
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