Bitcoin Dips Below $8K as Price Sheds $700 in Two Hours

Bitcoin has once again fallen beneath $8,000 amid a sharp sell-off that saw prices drop to as low as $7,778 according to Coindesk data.

At 23:00 UTC late Monday evening, the world's largest cryptocurrency by market cap began to fall sharply, enduring over a $700 loss in value on the back of strong volume.

For several days now BTC has failed to rise above and firmly closeout $8,800 leading to a retest of prior supports as it struggled to pick up a bid.

Down 8.17 percent, bitcoin is struggling find a footing just beneath the $8,000 psychological price tag as the intensity in the pullback continues on high volatility.

Notably, the sell-off was also accompanied by a large uptick in 24-hour trading volumes to a 24-hour high of $21.5 billion, according to data from CoinMarketCap.

Its "Real 10" volume - a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report.

By Bitwise Asset Management - currently stands at $21 billion, according to Messari.io.

What's more, the total market capitalization has fallen to a total of $16 billion, while the market capitalization of altcoins is down $7 billion, a sign that investors are becoming wary of overbought prices.

Disclosure: The author holds no cryptocurrency at the time of writing.