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Bitcoin's Price Falls Below $10K Amid Wider Crypto Drop
The price of bitcoin is down nearly 10 percent today, having slipped to close to $10,000 amid wider weakness in the cryptocurrency market.
By Nikhilesh De
Updated Sep 13, 2021, 7:30 a.m. Published Jan 30, 2018, 6:13 p.m.
The price of bitcoin is down more than 10% today, having slipped below $10,000 amid wider weakness in the cryptocurrency market, according to CoinDesk's Bitcoin Price Index (BPI).
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shows that, as of press time, the price of bitcoin is trading at $9,992.12, representing a decline of roughly 9.9%. Overall, the price of bitcoin is down more than $1,100 since Tuesday's session began.
The cryptocurrency's price had been trading above $11,000 since Saturday when it briefly went below that level. After bouncing around that figure this morning, bitcoin slid below $11,000 around 9:15 UTC.
Other cryptocurrencies have taken a hit today as well.
According to information from sites like CoinMarketCap and OnChainFX, the prices of all of the top-10 cryptocurrencies by market capitalization (which is the spot price of the token multiplied by the total amount of tokens in circulation) have fallen in the past 24 hours. These include NEM, EOS and Cardano, per info from CMC, all of which have shed at least 10% in value since yesterday.
The price of NEM's XEM token has been particularly hard-hit today, coming in the wake of a dramatic $500 million hack from Japanese cryptocurrency exchange Coincheck. A new report from Reuters published today indicates that some of the XEM tokens stolen are being sent to exchanges in order to be sold.
Market graph image via Shutterstock
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
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- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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