Bitcoin Drops $100 in One Hour, Slowing Torrid Price Growth

The bitcoin price dropped $100 today in just one hour of trading, a market moved that put a pause on its upward path to $1,600.

AccessTimeIconMay 4, 2017 at 8:05 p.m. UTC
Updated Sep 11, 2021 at 1:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

CoinDesk reported earlier today that bitcoin had climbed above $1,500 for the first time ever, buoyed by bullishness among the world's digital currency traders. Positive sentiment out of Japan in the wake of legislative actions around the tech has also been cited by some.

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.

Balloon image via Shutterstock


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; 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 employees, including journalists, may receive 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 to register and buy your pass now.

Read more about