Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,778 according to Coindesk data.

At 23:00 UTC late Monday evening, the world’s largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.

For several days now BTC has failed to rise above and firmly closeout $8,800 leading to a retest of prior supports as it struggled to pick up a bid.

Down 8.17 percent, bitcoin is struggling find a footing just beneath the $8,000 psychological price tag as the intensity in the pullback continues on high volatility.

Notably, the sell-off was also accompanied by a large uptick in 24-hour trading volumes to a 24-hour high of $21.5 billion, according to data from CoinMarketCap.

However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management – currently stands at $21 billion, according to Messari.io.

Meanwhile, other highly ranked cryptocurrencies like ETH, BCH, LTC, and BNB have dropped 5 to 12 percent each on a 24-hour basis, while EOS suffered the largest drawdown in the top 10, dropping 12.4 percent according to data at CoinMarketCap.

What’s more, the total market capitalization has fallen $16 billion over a 24-hour period, while the market capitalization of altcoins is down $7 billion, a sign that investors are becoming wary of overbought prices.

Disclosure: The author holds no cryptocurrency at the time of writing.

Bitcoin image via Shutterstock

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This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.