The Bitcoin price (BTC/USD) has dipped below $7,000 for the first time since November 2, after experiencing a sharp correction in Friday trading.
The decline comes just two days after the original cryptocurrency hit a new record price of $7776.42, on the back of the news that another Bitcoin split had been averted. However, the initial enthusiasm faded and the price retreated to lower levels.
The latest Bitcoin rally was in part fuelled by expectations that the planned SegWit2x hard fork would split the Bitcoin blockchain and create free tokens for existing Bitcoin holders. Since this is no longer a possibility, it seems reasonable to assume that some investors have moved their money elsewhere.
Earlier in today’s afternoon session, the Bitcoin price fell to an intraday low of $6,746.67. It has since picked up a bit and is currently trading at around $6,820, but whether this is a genuine attempt at staging a rebound or just a minor fluctuation in an overarching downward trend remains to be seen.
In today’s trading, the Bitcoin price stood at $6,823.04, as of 14:32 GMT. The digital currency has lost 5.1% of its value over the past 24 hours, according to data from cryptocurrency tracker Coinmarkecap. Bitcoin’s market capitalisation currently stands at $113.7 billion, which represents 57.1% of the total value of the entire cryptocurrency market.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.