The Bitcoin price (BTC/USD) has tumbled to a one-week low following eventful, but ultimately disappointing weekend trading.
The original cryptocurrency had a quiet Sunday morning session, with its price hovering above the $3,700 mark. The digital coin had broken above that barrier on Saturday, when it surged to a nine-day high of $3,758.53. It looked like that the coin would be able to easily defend the $3,700 level on Sunday, but the situation changed dramatically in the early afternoon trading, when BTC experienced a sharp drop that sent its price to sub-$3,600 levels. The coin saw a slight uptick in the final hours of the session, which allowed it to finish the day at $3,601.01. However, this was still well below its opening price of $3,725.45.
Following the Sunday slump, Bitcoin has gone on to post further losses during today’s morning session. The coin has been moving on a downward trajectory since the start of the session, with its price recently hitting an intraday low of $3,569.89. This was Bitcoin’s lowest price level since January 14, according to data from digital currency tracker Coinmarketcap. At the time of writing, the Bitcoin price was hovering around $3,570.
Similar declines have been observed across the wider digital currency market, with major altcoins, such as Ripple (XRP), Ethereum (ETH) and Bitcoin Cash (BCH), having lost around 5% of their respective values over the past 24 hours. Litecoin (LTC) has been the worst-performing top 10 coin, having amassed losses of over 6%.
In today’s trading, the Bitcoin price stood at $3,572.13, as of 09:43 GMT. The digital coin has lost 4.3% of its value in the past 24 hours. Its total market cap currently stands at nearly $62.5 billion, which represents 52.5% of the combined value of all digital currencies.