According to Coindesk's Bitcoin Price Index, the number one cryptocurrency by total network value fell below $7,000 at 11:25 UTC this morning and hit an eight-day low of$6,793. A minor bid wave seen during the Asian session today quickly ran out of steam above $7,300.
At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is trading at $6,799 levels. As per data from CoinMarketCap, bitcoin has dropped 4.76 percent in the last 24 hours.
Following the setting of a new record high of $7,879 Wednesday, the bull grip now looks to be weakening – likely due to the rotation of money out of bitcoin and into alternative currencies following the suspension of the Segwit2x hard fork on Wednesday.
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