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
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.