Bitcoin price fell below $4,000 on Tuesday during a marked sell-off in Korean markets, losing over 10% in value after reaching a new all-time record high above $4,400 on the trading day.
Bitcoin prices’ rampaging run saw its upward momentum dented for the first time since breaking the $4,000 milestone over the weekend, falling to a low of $3,925 on Bitstamp on Tuesday.
Data from the Bitstamp Price Index (BPI) shows bitcoin price reaching a new all-time high of $4,400 during the early hours of Tuesday around 02:00 AM (GMT). The subsequent trading period over the day saw bitcoin’s value slip back toward $4,200 around 07:00. A sharp drop at 11:00 resulted in bitcoin price dipping to $3,925.7, a low since the turn of the week.
A closer look at trading activity among bitcoin markets reveals a notable sell-off at Korean bitcoin exchange Bithumb, the leading exchange in South Korea, now the third-largest bitcoin trading market after US-based exchanges and Japan. Today's trading data from CoinMarketCap also shows investors swapping their bitcoins back to fiat in other major global markets, presumably to cash-in on the cryptocurrency which is – once again – making its mark in the mainstream after its surging run this year.I
At the time of publishing, global average prices of bitcoin are starting to show signs of recovery in trading at just above $4,072. The corrective phase continues.
Altogether, bitcoin’s value has more than doubled in the space of 30 days and continues to trade at over $4,000, a 3000% gain since ringing in the $1,000 milestone on the very first day of 2017.
Charts from CoinmarketCap, BitcoinWisdom and BraveNewCoin.
Featured image from Shutterstock.