Bitcoin (BTC) has managed to defend the $8,000 mark after experiencing a sharp decline that sent its price down to a one-month low in today’s early trading.
The original cryptocurrency spent the better part of yesterday’s morning session trading in the $8,300 - $8,400 area, occasionally venturing outside this range. However, the digital coin’s price began to fall in the afternoon, with the decline accelerating towards the end of the session. Bitcoin finished the session at $8,094.32, down from its opening price of $8,370.05.
The digital currency continued to fall in the early hours of today’s trading, dropping below the $8,000 mark for the first time since April 18. However, after hitting an intraday low of $7,974.82, the cryptocurrency has been able to bounce back and secure a seemingly more stable position above $8,000. At the time of writing, the Bitcoin price was hovering around $8,140, according to data from cryptocurrency tracker Coinmarketcap.
A similar pattern has been observed across the wider cryptocurrency market. Other major cryptocurrencies like Ethereum (ETH), Ripple (XRP) and EOS also fell sharply, but subsequently recovered losses incurred earlier today. However, they have remained well below their yesterday highs.
Earlier this week, CoinShares chairman Danny Master told CNBC that Bitcoin could return to its all-time highs this year, but in order for that to happen, the cryptocurrency market needs to develop better structures, such as custody solutions, indices, performance measures, things that could attract institutional investors to the market.
In today’s trading, the Bitcoin price stood at $8,147.23, as of 10:06 BST. The digital currency has lost nearly 2% of its value in the past 24 hours. Its total market capitalisation currently stands at $138.8 billion, which represents 37.4% of the total value of all cryptocurrencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.