The price of bitcoin took a sudden nosedive at 18:40 UTC today, dropping $100 from $1,594 to $1,495 over the course of just an hour of trading.
At press time, the price of bitcoin had recovered to $1,511 on the CoinDesk Bitcoin Price Index (BPI), which charts the average price of bitcoin across major exchanges.
Still, the decline put a damper on what was the technology's run-up to $1,600, as the price peaked just shy of that milestone. Despite the declines, however, bitcoin was still up 2% at time of writing, less than a day after crossing the $1,500 line.
The move also caps a month of progressive price gains in bitcoin markets, having hovered around an average price of $1,143 on 4th April – signifying a jump of roughly $450 in just over a month.
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