The Bitcoin price (BTC/USD) has pulled back towards the $4,000 mark following a sharp drop that occurred in today’s early trading.
The original cryptocurrency had to endure some challenging trading conditions over the weekend, with its price struggling to secure a stable position above the $4,000 mark. Having opened the Saturday session at $4,024.46, the digital coin dropped below $4,000 in the morning session, but then rebounded to an intraday high of $4,309.38 in the early afternoon. The coin eventually finished the day at $4,214.67.
The Sunday session offered more of the same, although Bitcoin at least managed to defend the $4,000 level. While the coin again topped the $4,300 mark, it finished the session at $4,139.88, below its opening price of $4,200.73.
After the eventful, but somewhat disappointing weekend, Bitcoin suffered a heavy hit in today’s early trading, as its price dropped below the $4,000 mark. The coin has seen a slight rebound in subsequent trading and is now hovering around the $4,040 level.
As noted by industry website Coindesk, Bitcoin ended November with a monthly loss of just over 37%, which is its worst since August 2011. The coin’s struggle began in mid-November, when the coin’s price dropped below the key support level of $6,000 amid concerns over a Bitcoin Cash (BCH) hard fork poised to split the BCH protocol and create two separate digital coins. The market sentiment was further dampened after the US Securities and Exchange Commission (SEC) ordered two ICO start-ups, CarrierEQ and Paragon Coin, to register their tokens as securities and refund investors, among other things.
In today’s trading, the Bitcoin price stood at $4,040.37, as of 10:30 GMT. The digital coin has lost nearly 3% of its value in the past 24 hours. The coin’s total market cap currently stands at $70.3 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.