Bitcoin's Price Tumbles More Than $400 From New High

Bitcoin prices fell sharply today after setting a new all-time high above $2,700 on the CoinDesk Bitcoin Price Index (BPI).

The BPI hit a high of $2,791.70 today, data shows. Yet after beginning to dip around 15:00 UTC, that move became more pronounced after 16:00 UTC, including a more than $100 drop between 16:36 UTC and 16:54 UTC, BPI data shows, sliding from roughly $2,630 to $2,515, with a further drop below $2,400 over the next hour.

Markets hit a low of about $2,352, BPI data shows. At press time, the price of bitcoin is at an average of $2,397.

The volatility comes amid a boom in cryptocurrency markets, which have seen bitcoin and others hit new all-time highs in recent days.

Rollercaster image via Shutterstock

DISCLOSURE

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

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.

Stan Higgins

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.