Bitcoin's price fell sharply during mid-day trading on Wednesday, dropping more than $1,000 amid reports of exchange issues.
CoinDesk's Bitcoin Price Index (BPI) hit a low of $9,494.45 – representing a decline of more than $1,200 from the day's opening price of $10,709.53. The sharp drop is notable, considering that the cryptocurrency's price had risen above $10,800 earlier in the day.
At press time, bitcoin's price had recovered slightly, and was trading at $9,714.
While it's not entirely clear at this time what factors sparked the sell-off, the timing coincides with reports of unauthorized sells on cryptocurrency exchange Binance. The exchange has since suspended withdrawals, according to statements, with the situation coming less than a month after a prolonged system upgrade raised fears of a hack.
"We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak," a representative wrote on Reddit Wednesday, adding:
Market data indicates that other cryptocurrencies are experiencing price declines as well. With the exception of monero, all of the top-10 cryptocurrencies by market capitalization have fallen in excess of 10 percent in the past 24-hours, according to CoinMarketCap.
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