Bitcoin Falls Below $800 As Volatile Week Continues
Bitcoin prices tumbled more than 10% in morning trading, dipping below the $800 mark.
Bitcoin prices tumbled more than 10% during morning trading, dipping below the $800 mark.
Markets saw an average low of $779.54, according to the CoinDesk Bitcoin Price Index (BPI), the first time the price has been reported below $800 since 21st December. The drop came after the price traded just above $900 during overnight activity, and represents a nearly 39% fall from the 2017 peak of around $1,153.
2017 has been a volatile year thus far for the digital currency’s price. The start of the week saw the price shift above and below $900 as concerns over rumors of new regulations coming out of China circulated on social media, though market observers appear to be split on what the long-term impact may be.
The price is currently trading at around $804, BPI data shows.
CNY-denominated markets are down more than 9% at press time, averaging ¥5,405.69, according to the BPI, after falling to a low of ¥5,194.32.
Image via Shutterstock
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.