Bitcoin is below $10,000 at press time and it pulled other top-20 coins down, with none of them reporting gains, according to data from Coin360.
Market analysts were expecting a 40% correction from the recent highs of around $13,900 and with it’s current price it means that this target is nearly reached.
Trader Josh Rager this morning said: “$9715 will be the 30% correction for BTC,”. He added that a four-digit price is now a “gift” in the short-term.
Bitcoin has lost 6.50% over the past 24 hours and is trading under $9,900 at press time. BTC has been profitable as an investment 98.2% of the days since its creation, per data from holdcalc.com.
The second largest cryptocurrency, Ethereum (ETH), has also experienced a drop by roughly 6% on the day to trade at $277 at press time.