Bitcoin Drops Below $8K as Crypto Market Recovery Falters

As cryptocurrencies across the board once again take a hit, bitcoin is exploring the downside below $8,000.

The sharp recovery in prices on CoinDesk’s Bitcoin Price Index (BPI) from the Friday’s low of $7,695 ran into offers at a high of $9,471.46 at 21:59 UTC on Saturday. In the subsequent hours, the bears pushed the cryptocurrency back to $8,000.

Bitcoin dropped further to a low of $7,876.69 at 02:30 UTC today and was last seen at $7,995. The world’s largest cryptocurrency by market capitalization has depreciated by 12 percent in the last 24 hours, according to data source CoinMarketCap.

A similar price action has been seen across the market. Bitcoin cash (BCH), Ripple (XRP) are down 14 percent each, while ethereum’s ether (ETH) token has dropped 13 percent in the last 24 hours…

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