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Newsflash: Bitcoin Price Takes a Stumble Toward $3,600  

Last Updated March 4, 2021 4:59 PM
Samburaj Das
Last Updated March 4, 2021 4:59 PM

Bitcoin price fell to a low of $3,639 during trading on Thursday, down 8% from yesterday.

The price of bitcoin took a steep fall during Thursday afternoon (UTC), losing over 6% in a 2-hour trading period.

Data from Bitfinex charts reveals the BTC/USD value at just under $4,000 at the start of Thursday. For much of the day, the value of the cryptocurrency hovered around the $3,900 figure, before the fall midday. At 14:30 UTC, bitcoin was trading to the dollar $3,865. An hour later, price fell to $3,711 before dropping even further to the day’s low of $3,639 at 16::30 UTC.

As per CoinMarketCap , the cryptocurrency is down 7.67% on the day but still 7.74% up over a seven-day period. USD-based bitcoin markets accounted for a majority of the world’s bitcoin trading over the past 24 hours, at nearly 40% of the volume. The Japanese market followed with nearly a quarter of the world’s trading as CNY-based trading fell to 6.4%.

Bitcoin prices fell below $3,000 on Friday last week following a significant market sell-off by spooked investors after the shuttering of two major Chinese exchanges at the time. The effect of China’s regulatory squeeze has left more profound impressions on global prices on other occasions, but China’s influence has waned this time.

At the time of publishing, bitcoin price is making an upward climb again toward $3,700.

Featured image from Shutterstock.