Bitcoin's Price Is Down More Than $500 After Hitting a New High

NEWS
Stan Higgins
Aug 15, 2017 at 15:43 UTC  |  Updated  Aug 16, 2017 at 11:53 UTC

Bitcoin prices have fallen below $4,000 hours after hitting a new all-time high.

According to the CoinDesk Bitcoin Price Index (BPI), bitcoin markets hit a low of $3,892.72 - more than $500 below the high of $4,483.55 reached earlier this morning. At press time, the price of bitcoin is trading at around $3929, more than 10 percent below the day's open.

The drop below $4,000 came just days after the market crossed that threshold for the first time, a move quickly followed further price increases. Given that the market hit a low of $1,990 a month ago, this morning's rise signified a nearly $2,500 increase within that period.

Other cryptocurrency markets are seeing price declines today as well.

Prices for ether, the cryptocurrency of the ethereum network, are down more than 5 percent, trading at roughly $282 at press time. According to data from CoinMarketCap, all of the top-10 cryptocurrencies are down today.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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