Bitcoin fell towards $10,000 on Monday as the correction from close to $14,000 entered a third-straight session.
Bitcoin slumped 9.2% to $10,320.2 on the Index by 10:14 AM ET (14:14 GMT).
Starting on June 11, bitcoin underwent a two-week rally that saw the alt coin surge slightly more than $6,000.
While some analysts attributed the move to a variety of bullish factors that were interpreted to show a wider acceptance of cryptocurrencies in general - including Facebook’s plans to launch its own digital currency Libra or the recent regulatory approval of LedgerX’s bitcoin futures contract - others showed concern that the surge was reminiscent of the frenzied rally to nearly $20,000 before plunging to nearly $3,000.
After hitting an intraday 2019 high of $13,929.8 last Thursday, bitcoin has traded lower for four out of the last five days, off more than 25%.
Cryptocurrencies overall traded lower on Monday. The total cryptocurrency market capitalization dropped to $306.35 billion, compared to $316.44 billion a day earlier.
Among bitcoin’s closest rivals, Ethereum fell 5.6% to $283.67, XRP fell 2.5% to $0.39658, Litecoin slid 10.8% at $117.677, while Bitcoin Cash traded down 5.0% to $393.26.
