Bitcoin price (BTC/USD) drops below $3,800 in early Monday trading
Following a rather uneventful Sunday session, the Bitcoin price (BTC/USD) has suffered a significant drop in early Monday trading.
The original cryptocurrency had a mostly quiet session on Sunday, trading above the $3,800 mark. The coin experienced a slight dip in the early afternoon, but it managed to limit its decline to an intraday low of $3,836.91. BTC finished the session at $3,847.18, down from its opening price of $3,862.27.
Bitcoin had an encouraging start to today’s session, with its price rising to as high as $3,864.64 during the opening hours of trading. However, this was swiftly followed by a sharp decline, which resulted in Bitcoin dropping below the $3,800 mark for the first time in five days. The coin then dropped to as low as $3,761.01, which was its lowest price level since February 18. At the time of writing, the Bitcoin price was hovering around $3,770, according to data from digital currency tracker Coinmarketcap.
The coin has also seen a notable increase in trading volume, which is likely caused by increased selling pressure. Recent market data shows that just over $8 billion worth of BTC coins have changed hands over the past 24 hours, compared to the $7.25-billion daily trading volume that was generated on Sunday.
Bitcoin’s decline appears to be part of a larger downswing observed across the broader digital currency market. Most major digital coins have seen even steeper drops today, with EOS being the worst performer in the crypto top 10, having lost over 7% in the past 24 hours.
In today’s trading, the Bitcoin price stood at $3,767.31, as of 09:27 GMT. The digital coin has lost 2.5% over the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at $66.2 billion, which represents 52.4% of the combined value of all digital currencies.
