Bitcoin's price has slipped below $8,000 to hit a 35-day low. Just an hour after the May 23 trading session began, data from CoinDesk's Bitcoin Price Index shows the price of the world's largest cryptocurrency started to fall, dropping to its lowest point since April 18. After steadily climbing up to nearly $10,000 on May 6, bitcoin's price has been on a gradual decline since then towards a current low at $7,876, reflecting a 20 percent drop over the past two weeks.
The price has bounced back slightly to $7,910 as of press time. That said, the current price still shows a 30 percent premium over bitcoin's lowest point this year at $5,947 seen on Feb. 5. Meanwhile, bitcoin's price drop also coincides with a wider market sell-off. According to CoinMarketCap, the market capitalization of all cryptocurrencies is also at its one-month low with $352 billion changing hands. In fact, nearly all of the top 100 assets by market cap are showing 10 to 20 percent declines at press time. According to CoinMarketCap, among the world's largest five cryptocurrencies, both XRP and bitcoin cash are trading at a one-month low at $0.63 and $1,120 respectively.