Bitcoin Drops $400 in 30 Minutes As Price Volatility Returns

October 11, 2018
8 Views

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.

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.

Disclosure: The author holds USDT at the time of writing.

Image via Shutterstock

The leader in blockchain news, 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.

https://www.coindesk.com/bitcoin-drops-400-in-30-minutes-as-price-volatility-returns/

You may be interested

Chinese Startup Cobo Raises US$13M Series A for Crypto Wallet Hardware and App
Crypto News
Crypto News

Chinese Startup Cobo Raises US$13M Series A for Crypto Wallet Hardware and App

btcethereumadmin - October 17, 2018

Cobo Wallet Cobo, a cryptocurrency startup headquartered in Beijing, has raised US$13 million in a Series A funding round from…

Gemini Stablecoin Volume Doubles on Top 10 Exchange Amid Tether Turmoil
Crypto News
1 views
Crypto News
1 views

Gemini Stablecoin Volume Doubles on Top 10 Exchange Amid Tether Turmoil

btcethereumadmin - October 17, 2018

When the Tether (USDT) stablecoin's $1 peg broke down on Monday, traders looking for another dollar equivalent they could easily…

CME: Average Daily Volume for Bitcoin Futures Grew 41% in Q3
Crypto News
1 views
Crypto News
1 views

CME: Average Daily Volume for Bitcoin Futures Grew 41% in Q3

btcethereumadmin - October 17, 2018

Average daily volumes for bitcoin futures trading saw a significant jump in the third quarter compared to the last period,…

Leave a Comment

Your email address will not be published.