The price of bitcoin fell more than $1,000 in the span of about 10 minutes on the CoinDesk Bitcoin Price Index (BPI) today, just hours after the cryptocurrency set an all-time high above $11,000.
Beginning about 19:20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market's most impressive successions of red candles in some time. After showing signs of stability above $10,000 at 18:30 UTC, the price hit a low of $9,290 at 19:30.
However, data shows some exchanges were more affected than others.
The more than 11 percent decline marked the lowest price observed on the BPI since Nov. 26 when bitcoin hit a low of $8,757.
However, the price soon rebounded, with buy orders beginning to appear again around $9,300, according to exchange data service BitcoinWisdom.
At press time, the price of bitcoin is $9,651.
Price image via Shutterstock
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