After mounting a modest recovery in the wake of rumored regulatory scrutiny, the price of bitcoin is back below $4,000.
The average price of bitcoin across global exchanges fell below $4,000 at roughly 3:15 UTC today, hitting a low not observed since September 10. The movement followed a period in which the bitcoin price repeatedly tested $4,000, but succeeded in staying above the barrier.
All in all, the move comes during an uncertain time for the cryptocurrency market, which has seen a period of sideways trading following a torrid first half in 2017.
With the recent decline, the price of bitcoin is up just 1.7 percent over the last month, though it has still appreciated nearly 300% this year. Likewise, the broader cryptocurrency markets have seen similar activity, rising 3.4% over the last 30 days, but declining more than 17 percent from its highest point during the period, according to CoinMarketCap.
As for the current sentiment, continued rumors that China could move to close domestic order-book exchanges have no doubt concerned more casual investors (while providing opportunities for profit-taking from long-term bulls).
China-based exchanges continue to operate normally at press time, indicating they have yet to be notified of any operational changes.
Pipe dripping 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.