Bitcoin Price Falls 15% Amid Network 'Failure' Claims

The price of bitcoin declined sharply in global markets today, falling by more than 13%, according to the CoinDesk USD Bitcoin Price Index (BPI).

AccessTimeIconJan 15, 2016 at 10:59 p.m. UTC
Updated Sep 11, 2021 at 12:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The price of bitcoin declined sharply in global markets today, falling by 15%, according to the CoinDesk USD Bitcoin Price Index (BPI).

Dollar-denominated markets hit a low of $372.73. BPI data shows that the declines began on Tuesday, accelerating as the week progressed.

At press time, USD markets are reporting an average price of$371.45.

USD
USD

The declines came amid a frenzied media response to the much-discussed exit of BitcoinJ developer Mike Hearn from the bitcoin project in which 30 media outlets seized on his claims the still-operating network had 'failed'.

Today also saw claims from embattled digital currency exchange Cryptsy that it has been insolvent since 2014 after a hack resulted in the theft of millions of dollars worth of bitcoin, adding to a negative media outlook.

Chinese markets fell as well, though not as precipitously, declining by 11%, according to the CoinDesk CNY BPI to hit a low of ¥2,532.73.

At press time, CNY markets are reporting an average price of ¥2,511.7.

CNY
CNY

Images via CoinDesk, Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about