Bitcoin price (BTC/USD) falls to eight-day low after Tuesday slump

The cryptocurrency hovers below $6,400 on Wednesday morning

Bitcoin price (BTC/USD) falls to eight-day low after Tuesday slump

The Bitcoin price (BTC/USD) has hit its lowest level in more than a week after experiencing a steep decline during yesterday’s morning session.

Having seen a sharp drop in late Monday trading, the original cryptocurrency continued to decline on Tuesday morning, with its tumbling towards the $6,500 level. By the time it managed to stop its rapid descend in the early afternoon, the digital coin had already dropped below the $6,400 mark. It spent the remainder of the session trading around that level, but it saw one more drop in late trading that brought its price down to an eight-day low of $6,320.72. The coin eventually finished the day at $6,329.95, down from its opening level of $6,739.21.

Bitcoin has edged slightly higher in today’s trading, inching closer to the $6,400 level. At the time of writing, the Bitcoin price was hovering around $6,390, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s performance has been consistent with a larger downswing affecting the entire cryptocurrency market. All the major altcoins, including Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and EOS, have suffered heavy losses over the past 24 hours. Earlier today, the Bitcoin dominance reached 43.69%, which is its highest level since April. A combination of high BTC dominance and falling crypto prices is often indicative of risk aversion.

Yesterday, Bart Smith, head of digital asset at trading giant Susquehanna International Group, told CNBC that the original cryptocurrency was still the best bet for crypto investors as people are "functionally using" it.

“If you want to own the asset that you can actually use today and that people are functionally using, it’s bitcoin," Smith said on CNBC’s TV programme “Fast Money. “The use case for bitcoin is valid today, which is the currency of the internet," he added.

In today’s trading, the Bitcoin price stood at $6,393.90, as of 09:38 BST. The digital coin has lost just over 4% of its value in the past 24 hours Coinmarketcap data shows. The coin’s market cap currently stands at $109.6 million, which represents 43.4% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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