$17k Breached: Bitcoin Down 15% from All-Time High

NEWS
Stan Higgins
Dec 19, 2017 at 21:21 UTC  |  Updated  Dec 20, 2017 at 12:28 UTC

Bitcoin's price has fallen 15 percent from its recent all-time high, dropping by more than $1,800 since the start of the day.

Data from CoinDesk's Bitcoin Price Index (BPI) shows the price falling to as low as $16,961.79 at press time, a fall of over 10 percent on the day. The BPI hit an all-time high of $17,801.94 on Dec. 15.

After opening at $18,960.52 and briefly climbing above the $19,000 level, the cryptocurrency's value fell below $18,000 first around 11:00 UTC and later at several points during the day. The latest move beneath that figure began 19:24 UTC, BPI data shows.

The trading activity brings the price back to the range it saw on Saturday, a day ahead of the bitcoin futures launch by CME Group. Indeed, it also continues a trend reported earlier today, during which the price of bitcoin had sunk below $18,000 while alternative cryptocurrencies like ether and REP posted significant gains.

As it stands, the collective market capitalization of the cryptocurrency ecosystem remains above $600 billion, having moved across that threshold for the first time yesterday.

Disclosure: CME Group has an ownership stake in Digital Currency Group, CoinDesk's parent company.

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