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$800 in 1 Hour: Bitcoin Price Drops Big to Near $9K

Bitcoin's price dropped sharply for the second day in a row, despite recovering to past $10,000 after Wednesday's fall.

By Nikhilesh De
Updated Sep 14, 2021, 1:54 p.m. Published Mar 8, 2018, 5:49 p.m.
Drop

Bitcoin's price nearly hit $9,000 on Thursday, a move that came hours after the cryptocurrency briefly went back above $10,000.

According to CoinDesk's Bitcoin Price Index (BPI), the price hit a low of $9,075.87 before recovering. At press time, the cryptocurrency's value is hovering around $9,287.00. The development is a notable one, coming roughly a day after the market saw a $1,000-plus drop during afternoon trading.

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coindesk-bpi-chart-43-2

Observers attributed Wednesday's move to several factors, including issues at cryptocurrency exchange Binance, a warning from the U.S. Securities and Exchange Commission about exchange compliance and a report from the trustee of Mt Gox revealing that some $400 million in bitcoin and bitcoin cash had been liquidated over a several-month period.

It's less clear what drove today's market move. Indeed, some speculators on social media suggested that the price could test lower levels, with some predicting a slide to as low as $7,000. Should bitcoin's price fall below $9,000, it would represent the lowest level since Valentine's Day on February 14, market data shows.

Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today. Of those, cardano and bitcoin cash have dropped the most in the past 24-hours, falling by 8.59 percent and 6.95 percent, respectively.

Amusement park ride image via Shutterstock

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Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. When he's not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.

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