Bitcoin Drops $300 in One Hour as Price Falls Abruptly and Rebounds

The price of bitcoin saw renewed volatility today, just hours after setting a new all-time high above the $3,000 mark.

AccessTimeIconJun 12, 2017 at 11:00 a.m. UTC
Updated Sep 14, 2021 at 1:57 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The price of bitcoin may have just topped $3,000 for the first time, but that doesn't mean the digital asset is leaving its historical volatility behind.

At roughly 10:00 UTC this morning, bitcoin prices fell abruptly, dropping more than $300 in a span of minutes from $2,980 to a daily low of $2,650. The more than $300 decline came just hours after bitcoin climbed to a new high of $3,000 on the CoinDesk Bitcoin Price Index, a weighted average of prices across major exchanges.

But while precipitous, the decline was short-lived, with prices returning to just under $2,900 a half hour later on the BPI.

According to analysts, early indications are the price capitulation could herald that the bitcoin price has diverged too far from fundamentals.

"It is just standard technical divergences – we made a higher high on less volume and waning momentum," BTC VIX, organizer of the bitcoin trading forum Whale Club, told CoinDesk. "[This could] signal a weakening trend."

Indeed, the decline coincided with the closure of millions of dollars in long positions on OKCoin, one of the major leveraged bitcoin exchanges, a development that likely exacerbated the decline.

All in all, however, the price of bitcoin has been surging of late.

Though today's decline could give investors caution, bitcoin has risen more than $1,000 over the last 30 days as investor interest in cryptocurrencies continues to increase amid a period of robust gains for the asset class.

See-saw image via Shutterstock


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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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.