Bitcoin Continues to Drop, Hits $8,977 Per Coin

Price of Bitcoin Continues to Drop on Thursday

Bitcoin continues to drop on Thursday as the world’s most dominant cryptocurrency set a new low for the week after hitting $8,977 low following surged in supplies from miners.

A report that supplies of the coin rose in June due to the increase in miners’ conversion rate weighed on the digital coin bullish breakout expected above $10,000 resistance level.

Price of the coin declined from $9,772 attained on Tuesday to $9,271 on Wednesday before plunging further to $9,163 per coin on Thursday morning at 1:56 p.m Nigerian time.

This was despite Tuesday’s optimism that Paypal Inc was about to jump into the crypto exchange business.

The decline started after a report by CryptoQuant, a on-chain monitoring resource, showed HaoBTC and Poolin miners moved over 7,000 Bitcoins as anticipated bullish run to have stalled due to lack of new capital.

The reports created panic and broad-based selloff among retail traders, pushing prices below $9000 for the first time this week.