Menu
Real Time Cryptocurrency News & Analysis

Bitcoin price (BTC/USD) hits new 2018 low on Friday morning

Share this article!

The Bitcoin price (BTC/USD) has hit a new 2018 low after experiencing heavy losses during the most recent 24-hour period.

The original cryptocurrency suffered significant losses on Thursday, even though it enjoyed some positive action in early trading. Having opened at $3,754.07, the digital coin experienced a mild uptick during the morning session, rising to an intraday high of $3,874.97. The situation changed in the afternoon, when the coin saw a gradual decline that erased it earlier progress. The decline accelerated in the final hours of the session, causing Bitcoin to close at an intraday low of $3,521.10.

Bitcoin saw further losses in the early hours of today’s trading, with its price hitting a new 2018 low of $3,379.96 as a result. The coin has since been trading in a tight range around the $3,400 mark. At the time of writing, the Bitcoin price was hovering around $3,410, according to data from digital currency tracker Coinmarketcap.

Industry website Coindesk yesterday reported that the number of BTC/USD short positions on the cryptocurrency exchange Bitfinex reached 37,891, which was the highest level since October 15. The number of short positions had risen by 95% in the last three weeks, the website noted.

The data shows that the bearish sentiment remains strong despite the fact that Bitcoin has lost over 80% of its value in just under a year. On a more positive note, Coindesk also noted that the bearish sentiment could soon reach extreme levels, which “is widely considered a sign that the sell-off is overdone and often presages a trend reversal”.

In today’s trading, the Bitcoin price stood at $3,410.82, as of 09:38 GMT. The digital coin has lost 11.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $59.3 billion, which represents 55.2% of the combined value of all digital coins.

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

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.