After its worst-performing day in weeks, the price of bitcoin was again down to start the day on Wednesday.
At press time, average bitcoin prices were down just over $120 across major exchanges, declining from an opening value of $4,204 at 0:00 UTC to $4,080. The drop comes a day after the bitcoin price shed $178 in value on Tuesday, declining from $4,382 to $4,204, and in between, setting a new all-time high.
CoinDesk data reveals Tuesday was the worst day for the bitcoin price in over 20 days, as the near-$200 decline was the most observed since July 25, a time when the network was facing uncertainty over a coming software change.
The finding suggests that, despite heading over $4,000 amidst a wave of press mentions and new interest, volatility could be ahead as the price tries to maintain support at its new levels. The day has already seen sub-$4,000 levels, with the price hitting a low of $3,985 today.
Over the last 10-days, the price of bitcoin has seen three days of declines, but also five days in which it rose by more than $200, according to BPI data. Such volatility, however, is common amongst the nascent asset class.
Bitcoin’s dip, for instance, also coincides with a drop in the value of all public cryptocurrencies, with the total asset class now worth $136 billion, down from $141 billion earlier this week, according to data from Coinmarketcap.
Money airplanes via Shutterstock
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.