The Bitcoin price (BTC/USD) has dropped to a two-week low following a sudden slump that hit the cryptocurrency market on Thursday.
The original cryptocurrency took some big hits yesterday, with its price dropping well below the $4,000 mark. The coin saw a big drop during the early hour of trading, which resulted in it falling to around $3,850, from an opening price of $4,034.41. Its price experienced another sharp decline in the afternoon and eventually hit an intraday low of $3,659.17. This was Bitcoin’s lowest price level since December 28, according to data from digital currency tracker Coinmarketcap. BTC eventually closed the session at $3,678.92.
Bitcoin has continued to struggle in today’s session, although it did make a tentative attempt at rebounding. After falling to a low of $3,653.53 early on, the coin rallied to reclaim the $3,700 mark. However, while Bitcoin managed to briefly top that level, it has so far been unable to secure a decisive break. At the time of writing, the Bitcoin price was hovering around the $3,700 level.
Most of Bitcoin’s major crypto rivals, including Etheerium (ETH), Ripple (XRP) and Bitcoin Cash (BCH) have seen similar declines yesterday. Analysts weren’t able to point to any particular reason for the market slump. Mati Greenspan, senior market analyst at eToro, told CNBC that there didn’t seem to be any real reason for this drop, “neither technical nor fundamental”.
The one interesting thing about this movement is that it seems to be an exact reversal of the surge that happened on Sunday afternoon,” Greenspan said, as quoted by CNBC. “At this point, the gains made since the start of the year have now been reversed and we’re back to a neutral 2019.”
In today’s trading, the Bitcoin price stood at $3,696.57, as of 10:36 GMT. The digital coin has lost 3.5% of its value in the past 24 hours.