Bitcoin (BTC) has dipped below $8,000 again as a sharp sell-off led to prices sliding to a low of $7,778 according to Coindesk’s Bitcoin Price Index data.
The tumble began late Monday when the price of the world’s largest cryptocurrency by market cap steeped sharply, losing over $700 in trades even as intraday volumes remained strong. BTC price dropped from around $8,500 to lows near $7,700.
Bitcoin is at press time trading at $7,967 against the dollar; down over 6% in intraday trading as loses reduce to about $500 in the last 24 hours.
BTC has struggled for the last several days, failing to break and consolidate above $8,800 since correcting lower from prices above $9,000. It has since retested a number of key support zones, pressure mounting in the potential for more downsides.
In early morning trades, bitcoin lost nearly 9% and found it hard to hold at levels just under the psychological price level at $8,000. A slight rebound has seen close to the $8k level, but that may also be down to the high volatility, with the direction either way short-term.
Bitcoin’s 24-hour trading volume has also spiked in the last few hours, with the sell-off seeing it jump from a high of $21.5 billion to currently sit at $23.4 billion, data from CoinMarketCap shows.
The rest of the cryptocurrency’s top assets have also endured a roughly 24-hour period with many coins shedding between 5% and12percent in early morning deals. Ether (ETH) is down 5.66%, XRP has shed 6.54% while BCH is down 8% on the day. EOS has dropped the most among the top ten cryptocurrencies on CoinMarketCap, shedding nearly 11% in the last 24 hours.
A total of $16 billion has been wiped off the market, with the total crypto market capitalization now at $254 billion from $270 a day earlier.