Bitcoin Dips Below $8K as Price Sheds $700 in Two Hours
Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,778 according to Coindesk data.
At 23:00 UTC late Monday evening, the world’s largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.
For several days now BTC has failed to rise above and firmly closeout $8,800 leading to a retest of prior supports as it struggled to pick up a bid.
Down 8.17 percent, bitcoin is struggling find a footing just beneath the $8,000 psychological price tag as the intensity in the pullback continues on high volatility.
Notably, the sell-off was also accompanied by a large uptick in 24-hour trading volumes to a 24-hour high of $21.5 billion, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $21 billion, according to Messari.io.
Meanwhile, other highly ranked cryptocurrencies like ETH, BCH, LTC, and BNB have dropped 5 to 12 percent each on a 24-hour basis, while EOS suffered the largest drawdown in the top 10, dropping 12.4 percent according to data at CoinMarketCap.
What’s more, the total market capitalization has fallen $16 billion over a 24-hour period, while the market capitalization of altcoins is down $7 billion, a sign that investors are becoming wary of overbought prices.