The price of a bitcoin has just plummeted by over $1,300.
The cryptocurrency opened today's session at $13,585, and reached a high of $13,601 before the sudden tumble at soon after 07:00 UTC that saw the price drop from $13,210 down to $11,850 at 08:30 UTC. That's a fall of $1,360 in just 1.5 hours.
The drop puts the price of a bitcoin at a month low. Dec. 5 saw bitcoin at a similar level, however, that was when the cryptocurrency was climbing fast on the way to setting a new price record around $20,000, as the launch of bitcoin futures contracts from CME Group and CBOE was being anticipated by the trading community.
At press time, bitcoin had recovered slightly, and was trading at $12,195 – down 10 percent for today, according to CoinDesk's Bitcoin Price Index.
The news comes as the wider cryptocurrency market is seeing losses. All the top 20 cryptocurrencies by market capitalization are in the red today, with ethereum down 14 percent, Ripple down 21 percent and bitcoin cash down 19 percent over the last 24 hours, according to CoinMarketCap data.
The overall market cap for all tokens is at $584.9 billion at press time – down from a high of $832 billion on Jan. 7.
Skydivers image via Shutterstock
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.