The price of bitcoin has reached a 20-day low as it dropped for $500 below $9,000 within one hour.
Based on data from CoinDesk’s Price Index, bitcoin has been floating around $9,000 until 3:45 UTC on Friday after which the price has decreased sharply for $500 within one hour and reached as low as $8,587. As of press time, the price went back up to $8,741.
The price drop followed a similar development seen on Thursday when bitcoin dropped towards $9,000 after first maintaining at around $10,000. And with a three-week price low, bitcoin now is down 37 percent down from its recent high at $11,767 on February 20,
In the meantime, the cryptocurrency market capitalization has recorded a monthly low at $352 billion, recording a 47 percent down from its recent high at $518 billion seen on Feb. 18, according to data from CoinMarketCap.
In fact, top 20 cryptocurrencies by trading volume are all seeing major drop from 10 to 20 percent as of press time.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.