Bitcoin price (BTC/USD) holds above $3,600 following late Tuesday drop

Bitcoin price (BTC/USD) holds above $3,600 following late Tuesday drop

The Bitcoin price (BTC/USD) has seen some negative price action in the past 24 hours, including a late Tuesday drop that forced it to defend the $3,600 mark.

The original cryptocurrency had a lacklustre session yesterday, after its price dipped below the $3,700 mark in the early hours of trading. The coin spent the better part of the day moving within the $3,650-$3,700 range, but in the final hours of the session it experienced a drop that sent its price down to the low-$3,600 area. BTC hit an intraday low of $3,619.95, before finishing the session at $3,630.68.

Bitcoin made a tentative attempt to recoup its losses in today’s early trading, with its price rising to as high as $3,654.95. However, the digital coin has pulled back to lower levels in more recent trading. At the time of writing, the Bitcoin price was hovering slightly above the level of its Tuesday close, according to data from digital currency tracking website Coinmarketcap.

The broader digital currency market has also seen a downward correction from its Monday highs, with most major coins having posted notable losses over the past 24 hours. Notably, Ethereum, which was the best performing coin in the crypto top 10 on Monday, has now seen the biggest decline in the top 10, having lost more than 5% of its value. Other major cryptocurrencies, including Ripple (XRP), Bitcoin Cash (BCH) and EOS are also in the negative territory, despite showing greater resilience than ETH.

In today’s trading, the Bitcoin price stood at $3,637.63, as of 08:47 GMT. The digital coin has lost 1.5% of its value in the past 24 hours, Coinmarktcap data shows. The coin’s total market capitalisation currently stands at $63.6 billion, which represents 52.5% of the combined value of all digital currencies.

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

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.

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