The Strategist

Bitcoin falls below $ 8K during the worst week in 2019

09/30/2019 - 10:46

Bitcoin exchange rate fell below the $ 8 thousand mark, losing about 20% during past week, according to MarketWatch.

This was the largest weekly drop this year. Over the past three months, the cryptocurrency lost about 34% of its value. However, since the beginning of this year, it has grown by 115%. In June, the rate rose above $ 10 thousand for the first time since the beginning of 2018.

Bitbull Capital's chief executive Joe DiPasquale believes the recent drop in Bitcoin resulted from "technical and fundamental factors."

The cryptocurrency is now trading around $ 7,796.43, which is 2.8% lower than the previous day, according to CoinDesk. Bitcoin's market capitalization is around $ 144.6 billion, according to estimates.

Bitcoin exchange rate reached a historical maximum of almost $ 20 thousand at the end of 2017.