Bitcoin price (BTC/USD) sees sharp drop on Tuesday morning

Following a moderately positive Monday session, the Bitcoin price (BTC/USD) has edged lower in today’s trading.

The original cryptocurrency experienced some slow trading after its big drop on Sunday afternoon. Even though the coin saw some positive price action in early Monday trading, it remained stuck in a tight range below $3,850 during the morning portion of the session. However, the coin’s performance improved in the afternoon, allowing BTC to notch up an intraday high of $3,913.

Bitcoin’s uptick happened around the time of Coinbase’s surprise announcement that it was listing Ripple (XRP) on its professional trading platform. The listing of a major cryptocurrency on Coinbase might have boosted the broader market sentiment, but any impact the news might’ve had on the Bitcoin price appeared to be limited. The digital coin eventually finished the session at $3,882.70, up from its opening level of $3,807.00.

Bitcoin had a poor start to today’s session, with its price experiencing an early drop that erased most of yesterday’s progress. After dropping to an intraday low of $3,838.96, the coin has made a tentative attempt to bounce back and is currently hovering just above the $3,850 mark.

Commenting on the recent performance of the crypto market, eToro’s senior market analyst Mati Greenspan described the Sunday crypto sell-off as “a stark reminder that crypto-assets remain a volatile, developing asset-class, and investors should act accordingly”.

“Bulls will be watching to see if [bitcoin] prices can hold at $3,800, as this would be a nice place to build support,” Greenspan added, as quoted by Forbes.

In today’s trading, the Bitcoin price stood at $3,850.36, as of 12:26 GMT. The digital coin has gained 0.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $67.6 billion, which represents 52% of the combined value of all digital currencies.