UNITED STATES, WASHINGTON (OBSERVATORY) — The Bitcoin exchange rate fell below $ 8 thousand, while over the past week it fell by about 20%, according to MarketWatch.
This was the largest weekly drop this year.
Over the past three months, cryptocurrency has 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 Deepaskwale believes the recent drop in bitcoin is a result of “technical and fundamental factors.”
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 Coinmarketcap.com estimates.
The Bitcoin exchange rate reached a historical maximum of almost $ 20 thousand at the end of 2017.
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