Bitcoin’s Price Tumbles More Than $400 From New High

Stan Higgins
May 25, 2017 at 18:43 UTC
Updated May 25, 2017 at 23:08 UTC
news

Bitcoin prices fell sharply today after setting a new all-time high above $2,700 on the CoinDesk Bitcoin Price Index (BPI).

The BPI hit a high of $2,791.70 today, data shows. Yet after beginning to dip around 15:00 UTC, that move became more pronounced after 16:00 UTC, including a more than $100 drop between 16:36 UTC and 16:54 UTC, BPI data shows, sliding from roughly $2,630 to $2,515, with a further drop below $2,400 over the next hour.

Markets hit a low of about $2,352, BPI data shows. At press time, the price of bitcoin is at an average of $2,397.

The volatility comes amid a boom in cryptocurrency markets, which have seen bitcoin and others hit new all-time highs in recent days.

Rollercaster 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.