The price of bitcoin is down more than 8 percent, continuing losses that began after the cryptocurrency slipped below the $7,000 mark.
Markets have fallen to as low as $6,475.40, according to the CoinDesk Bitcoin Price Index (BPI), the lowest level reported since Nov. 1, when markets traded between $6,357 and $6,750.17. Markets slid below $7,000 earlier today in a reversal of the bullish market moves seen earlier this week that pushed the price of bitcoin close to $7,900.
Earlier in the day’s trading, the price had climbed as high as $7,330.06, with today’s fall marking a more than $600 decline since that level.
At press time, bitcoin is trading at $6,572.24.
The price decline is in contrast with the gains seen today in the market for bitcoin cash, which according to CoinMarketCap is up more than 43% in the past 24 hours.
At press time, Bitcoin cash is trading at roughly $882 on Bithumb, the largest exchange by trade volume for that cryptocurrency.
Roller coaster image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.
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.