Bitcoin Drops $400 in 30 Minutes As Price Volatility Returns

Bitcoin, the world's largest crypto by market capitalization has dropped 4.77 percent, pushing prices well below $6,400 for the first time in weeks.

AccessTimeIconOct 11, 2018 at 3:13 a.m. UTC
Updated Sep 13, 2021 at 8:28 a.m. UTC

Bitcoin, the world's largest cryptocurrency by market capitalization, dropped 4.77 percent on Thursday, pushing prices well below $6,400 for the first time in weeks.

At 00:58 UTC, just after Wednesday's close, the cryptocurrency shed $400 over the course of 30 minutes, a move that found it crossing $6,400, for a time the market's most reliable lower-bound support, for the first time since September 12, according to CoinDesk price data.

Bitcoin was last seen trading at $6,238.

bpi-3

At press time, bitcoin has lost momentum, having stalled briefly at around $6,125, the lowest figure since September 19, before crossing back above $6,200.

The volatility marked an end to stable trading that had been ongoing since that date, with prices in-between caught in a $300 range. After the levy finally broke, the pressure proved too costly for the bulls, who had to concede their losses and watch as the price dropped in quick succession.

The top 10 cryptocurrencies by market capitalization also took a hit, dropping between 4 to 13 percent on the back of the bitcoin sell-off. XRP suffered the most, dipping 12.34 percent, while other major names like ether and bitcoin cash dropped 10-11 percent.

The total cryptocurrency market capitalization also performed a nosedive, dropping $13.1 billion in total value over the course of the two-and-a-half-hour span.

: The author holds USDT at the time of writing.

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.


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.