Bitcoin Price Falls to 35-Day Low Below $8K

Bitcoin's price has slipped below $8,000 on Wednesday, reaching its 35-day low since Apr.

18 within just an hour after the trading entered morning session, data from CoinDesk's Bitcoin Price Index shows.

After steadily climbing up to nearly $10,000 on May 6, the price of the world's largest cryptocurrency by trading volume 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.

Bitcoin's price drop also coincides with a wider market sell-off.

According to data from CoinMarketCap, the market capitalization of all cryptocurrencies is also at its one-month low with $352 billion changing hands.

According to CoinMarketCap, among the world's largest five cryptocurrencies, both XRP of Ripple and bitcoin cash are seeing their one-month low at $0.63 and $1,120 respectively.

The price of ethereum and EOS are also facing a seven to eight percent plunge as of press time.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.