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Bitcoin Price Hits One-Week Low In Drop Below $8K

The price of bitcoin fell below $8,000 for the fourth time in seven days as the cryptocurrency's value sank to its lowest level since July 23rd.

Jul 31, 2018
CoinDesk Insights

The price of bitcoin fell below $8,000 for the fourth time in seven days Tuesday as the cryptocurrency's value sank to its lowest level since July 23.

As of press time, the world's largest cryptocurrency by market capitalization is averaging $7,764.44, according to CoinDesk's Bitcoin Price Index (BPI). That figure represents a roughly 4.9 percent decline since the day's open of $8,168.00 and a step above Tuesday's reported low of $7,677.94.

Bitcoin was in some familiar territory just yesterday when the price slipped below $7,900, followed by a quick recovery above $8200.

While the recent turbulence can be seen as slight cause for concern for the bulls, bitcoin is less than 12 hours away from closing a productive month during which – as it currently stands – its price increased more than 22 percent and surpassed the prior month's volume for the first time since February, according to the Bitfinex Exchange.

Other cryptocurrency markets are faring similarly, market data shows.

At press time, five of the 10 largest cryptocurrencies by market capitalization are recording 24-hour percentage losses of more than 5 percent. The biggest loser of which is EOS, which is currently printing a 10.36% loss, according to CoinMarketCap.

Image via Shutterstock

DISCLOSURE

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.

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