Bitcoin Price Tumbles 10% as Crypto Markets Flash Red

The price of bitcoin fell more than 10 percent during Thursday's trading session as it erased much of its recent gains.

AccessTimeIconJan 10, 2019 at 5:13 p.m. UTC
Updated Sep 14, 2021 at 1:52 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 fell more than 10 percent during Thursday's trading session as the cryptocurrency erased a large portion of its recent gains.

At 6:00 UTC, bitcoin opened the trading hour at a price of $4,018, but fell to $3,748 before the hour was complete. After trading sideways until 16:00 UTC, the sell-off accelerated to a low of $3,570, according to CoinDesk pricing data.

Bitcoin's current price of $3,610 reflects a $367 difference and more than 9 percent drop from its 24-hour opening price of $3,995, CoinDesk data further reveals.

coindesk-btc-chart-2019-01-10

In the last 24-hours, a total of $6.4 billion of bitcoin was traded across exchanges as its total market capitalization fell roughly 7 percent from $70 billion to $64 billion.

The broader market has accompanied bitcoin in its latest dip as it usually does when bitcoin markets show weakness.

According to Coindesk’s Crypto-Economic Explorer (CEX), 18 of the 19 tracked cryptocurrencies are reporting double-digit 24-hour losses, with several extending depreciation beyond 15 percent including litecoin (LTC), neo (NEO) and cardano (ADA).

Cardano is the worst performers today, currently printing an 18 percent loss. As it stands, the total capitalization of the cryptocurrency market is registering $122 billion, down 10.2 percent on the day according to CoinMarketCap.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Bull image via Shutterstock; Charts via TradingView

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


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.