Bitcoin price (BTC/USD) drops to 8-day low on Monday afternoon

The coin’s decline appears to be part of a larger crypto correction

Bitcoin price (BTC/USD) drops to 8-day low on Monday afternoon

The Bitcoin price (BTC/USD) dropped well below the $6,500 mark following a sudden plunge that occurred in yesterday’s afternoon trading.

The original cryptocurrency spent the better part of yesterday’s session hovering around the $6,500 level, showing signs that its recent relief rally might be running out of steam. The digital coin’s performance suffered a major blow in the afternoon, with its price plunging to an intraday low of $6,257.52 in the final hours of the session. This was Bitcoin’s lowest price level since September 9, according to data from digital currency tracker Coinmarketcap. The coin eventually closed the session at $6,281.20, well below its opening price of $6,514.06.

Bitcoin has seen some price in today’s morning trading, though it’s still early to tell whether the coin will be able to launch a meaningful rebound. Still, the Bitcoin price has been able to revisit the $6,300 level, rising to an intraday high of $6,307.52 in recent trading.

Bitcoin’s price slump appears to be part of a broader correction that has affected the digital currency market. Most cryptocurrencies in the top 100 have seen deep losses over the past 24 hours, including all top 10 digital coins, with the exception of the controversial stablecoin Tether (USDT), which is pegged to the US dollar. As a result, the combined value of all digital currencies has once again dropped below $200 billion ($193.28 billion, currently), with Bitcoin making up 56.3% of that market cap.

In today’s trading, the Bitcoin price stood at $6,293.17, as of 09:44 BST. The digital coin has lost nearly 3% of its value in the past 24 hour. Its total market cap currently stands at $108.7 billion, Coinmarketcap data shows.

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

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