At press time, BTC was trading around $6,499, down around 8.5 percent on the day and capping a turbulent three weeks in which the largest cryptocurrency gained and lost up to 20 percent.
Tuesday’s move below $7,000 means the coin has almost come full circle since it rapidly gainedover $1,000 over a two-day period ending on July 17.
While commentators were unclear as to the motive behind the sudden upwards move, Bitcoin prices continued rising throughout the last month, reaching multi-week highs of around $8,450 two weeks later.
In August, despite news of a regulated digital assets platform from Intercontinental Exchange and moves by Goldman Sachs to plan a crypto custody offering, markets began deteriorating, with Bitcoin losing around 15 percent over the past seven days.
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