Bitcoin Drops Below $9K As Crypto Falls to 1-Month Low

NEWS
Wolfie Zhao
Mar 9, 2018 at 05:20 UTC  |  Updated  Mar 9, 2018 at 10:00 UTC

The price of bitcoin is trading at a 20-day low.

At press time, the world's largest cryptocurrency by total value was continuing Thursday's decline into Friday's trading session, dropping nearly $500 beginning around 4:00 UTC, falling from just over $9,000 to a daily low of $8,587 at 4:30 UTC, according to CoinDesk's Bitcoin Price Index,

As of press time, bitcoin had recovered slightly and was trading at $8,741.

The price drop followed a similar development Thursday wherein bitcoin dropped toward $9,000 after first trading steady at around $10,000. At a three-week price low, bitcoin now is down 37 percent down from its recent high at $11,767 on February 20,

In the meantime, the cryptocurrency market capitalization has also recorded a monthly low at $352 billion, recording a 47 percent down from its recent high at $518 billion seen on Feb. 18, according to data from CoinMarketCap.

In fact, top 20 cryptocurrencies by trading volume are all seeing major drop from 10 to 20 percent as of press time.

Ferris wheel via Shutterstock

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.

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