Bitcoin Price Sheds $500 Over Day, Drops Below $8,000

Bitcoin bears continue to be firmly in control as the first cryptocurrency’s price tumbled below $8,000 per coin for the second time this week.

Beginning at 15:50 UTC, the Bitcoin Price Index capitulated at $8,095, shedding near $200 within a few minutes.

Support at $7,900 lasted about one-half-hour before another downward price action sent the BPI around $7,800 as of 16:40 UTC.

Bitcoin began the day trading hands at just under $8,390.

Other notable alternative cryptocurrencies ether (ETH), litecoin (LTC), and XRP followed bitcoin’s lead as well, dropping between 5 and 9 percent according to data provider Messari.

Disclosure: This author holds bitcoin at the time of writing.

Market drop image via Shutterstock