Bitcoin prices fell below $1,000 this morning as support for the digital currency waned.
Prices had hit a low of $969.35 by the time of reporting, having started the session at an average of $1,029.95, CoinDesk Bitcoin Price Index (BPI) data indicates.
At press time, the average price of bitcoin was $977, a fall of over 5% for the session. Since the start of trading, markets had peaked at an average of $1,032.34.
Bitcoin’s price also dipped below the $1,000 mark over the weekend, hitting a low of roughly $947, before recovering the following day. Prices revived to above $1,115 yesterday, but have again since declined.
It’s not immediately clear what’s driving this market dip. One factor could be lingering concerns over the prospects of a bitcoin hard fork, which could result in two wholly separate blockchains.
Still, sell orders now outnumber buy orders, data from BFXdata shows, with sells accounting for 53% of trades in the last hour and 55% of trades in the last 24 hours on the Bitfinex platform.
The market move stands in contrast with developments from earlier this month.
As of mid-March, the bitcoin price had stayed above $1,000 for over a month, its longest ever period above that level.
Pool image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.