Bitcoin Support Weakens As Price Drops Below $1,000

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Bitcoin prices fell below $1,000 this morning as support for the digital currency waned.

Prices had hit a low of $969.35 by the time of reporting, having started the session at an average of $1,029.95, CoinDesk Bitcoin Price Index (BPI) data indicates.

At press time, the average price of bitcoin was $977, a fall of over 5{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} for the session.

Bitcoin’s price also dipped below the $1,000 mark over the weekend, hitting a low of roughly $947, before recovering the following day. Prices revived to above $1,115 yesterday, but have again since declined.

Since the start of trading on 24th March, markets peaked at an average of $1,032.34.

It’s not immediately clear what’s driving this market dip, however. One factor could be lingering concerns over the prospects of a bitcoin hard fork, which could result in two wholly separate blockchains. At the same time, demand for bitcoin buying remains robust.

The market move stands in contrast with developments from earlier this month. As of the middle of March, bitcoin prices had stayed above $1,000 for a month, its longest ever period above that level.

Pool image via Shutterstock

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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

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Ticker

1 BTC = $46172.66 USD  (via Coinbase)
1 ETH = $3546.46 USD  (via Coinbase)
1 LTC = $294.30 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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