Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,778 according to Coindesk data.
At 23:00 UTC late Monday evening, the world’s largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.
For several days now BTC has failed to rise above and firmly closeout $8,800 leading to a retest of prior supports as it struggled to pick up a bid.
Down 8.17 percent, bitcoin is struggling find a footing just beneath the $8,000 psychological price tag as the intensity in the pullback continues on high volatility.
Notably, the sell-off was also accompanied by a large uptick in 24-hour trading volumes to a 24-hour high of $21.5 billion, according to data from CoinMarketCap.
Meanwhile, other highly ranked cryptocurrencies like ETH, BCH, LTC, and BNB have dropped 5 to 12 percent each on a 24-hour basis, while EOS suffered the largest drawdown in the top 10, dropping 12.4 percent according to data at CoinMarketCap.
What’s more, the total market capitalization has fallen $16 billion over a 24-hour period, while the market capitalization of altcoins is down $7 billion, a sign that investors are becoming wary of overbought prices.
Disclosure: The author holds no cryptocurrency at the time of writing.
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.