Bitcoin hit a one-month low on Wednesday as its price slipped below $8,300 during afternoon trading.
CoinDesk's Bitcoin Price Index (BPI) had fallen to as low as $8,287.98 as of press time, representing a decline of more than $1,000 from the day's high of $9,313.03. Per BPI data, Wednesday's trading session began at $9,144.15.
That move closer toward the $8,000 level – suggested in the technical charts, as previously reported by CoinDesk – has come amid a decline in overall trading volume. At the same time, the price of bitcoin has fluctuated within this range in recent days, climbing above $10,000 less than a week ago before falling back down close to $9,000.
At press time, the price of bitcoin is trading at $8,308.82, BPI data shows, marking a decline of roughly 9.1 percent since the day's open. On February 13, the price of bitcoin slid to as low as $8,370.48, according to CoinDesk data.
The volatility seen in bitcoin prices this week has been seen in markets for other cryptocurrencies as well.
Data published by OnChainFX, which tracks the prices of cryptocurrencies, shows that the top 20 coins by market capitalization are all down for the day. As of time of writing, IOTA and NEO Gas have fallen the most, dropping by 13.3 percent and 15 percent, respectively.
Coaster image via Shutterstock; Graph image via CoinDesk BPI
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.