Bitcoin Plunges $403 in 1 Hour to Lowest in a Month

The price plunge came after reports traders were selling an elevated level of bitcoin to exchanges for potential liquidation.

AccessTimeIconSep 3, 2020 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 9:51 a.m. UTC

Bitcoin (BTC) tumbled about $403 in an hour early Thursday, deepening a two-day sell-off that pushed the largest cryptocurrency to its lowest point in a month.

  • The price was down 4.9% on the day to $10,838 as of 13:09 coordinated universal time.
  • The move down came after CoinDesk reported that exchange platforms were witnessing elevated inflows of bitcoin, potentially a sign that some investors were preparing to liquidate some of their holdings.
  • "Inflows surged as people rushed to sell at near $12,000," Philip Gradwell, chief economist at the blockchain intelligence firm Chainalysis, tweeted early Thursday.
  • U.S. stock futures were down and the dollar was gaining in foreign-exchange markets early Thursday
  • A U.S. government report early Thursday showed jobless claims dropped to 881,000, the lowest since the coronavirus pandemic struck earlier this year, though still elevated compared with historical levels.

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