Bitcoin (BTC) is again under pressure as the leading cryptocurrency briefly sank to a four-week low of $22,408 on Thursday morning before climbing back to prices of around $22,715 by press time, according to CoinGecko.
Today’s drop comes after Bitcoin’s convincing performance in January, which saw BTC soar almost 40% since the start of the year, raising investors’ expectations for a renewed bull run.
The latest price action also saw Bitcoin shed about $10 billion in market capitalization, which fell to $437.9 billion at the time of writing from $$448 billion on Wednesday. The world’s largest cryptocurrency currently accounts for 39.4% of the market, followed by Ethereum’s 17.7% share of the pie.
