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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).

Jan 15, 2016 at 10:59 p.m. UTC
Updated Sep 11, 2021 at 12:05 p.m. UTC

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

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

Images via CoinDesk, Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, 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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