The Bitcoin price (BTC/USD) has seen a correction following its recent break above the $7,000 barrier.
The original cryptocurrency enjoyed some positive price action on Wednesday morning, which allowed it to successfully defend the $7,000 mark that had been topped on Tuesday. The digital coin also managed to top the $7,100 level, as its price rose to an intraday high of $7,113.30, which was also its highest level since August 7. However, the situation changed in the afternoon, as Bitcoin experienced a significant drop that pushed its price down to an intraday low of $6,970.82. Still, the coin managed to recoup some of the losses and notch up its second consecutive close above $7,000. Bitcoin finished the day at $7,047.16, slightly down from its opening level of $7,091.71.
According to Brian Kelly, founder and chief executive officer of BKCM, Bitcoin’s performance on Wednesday was bolstered by news that Bithumb, one of South Korea’s major crypto exchanges, would start accepting new user registrations again.
“All of this buying is coming from Asia,” Kelly said yesterday, as quoted by CNBC. “The biggest news in the market right now is that South Korea exchanges are coming back online.”
Despite its efforts to hold above $7,000, the Bitcoin price has seen another dip below the psychological level in today’s trading. The drop appears to be part of a downward correction observed across the wider digital currency market. Most major digital coins have seen significant pull-backs today, with IOTA (MIOTA) being the worst performer in the crypto top 10.
In today’s trading, the Bitcoin price stood at $6,962.70, as of 10:33 BST. The coin has lost 1.7% of its value in the past 24 hours, according to data from digital currency tracker Coinmaretcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.