Bitcoin price (BTC/USD) hits one-week low following Sunday slump

Bitcoin price (BTC/USD) hits one-week low following Sunday slump

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.

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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