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Bitcoin Price Falls 15% Amid Network 'Failure' Claims
The price of bitcoin declined sharply in global markets today, falling by more than 13%, according to the CoinDesk USD Bitcoin Price Index (BPI).
The price of bitcoin declined sharply in global markets today, falling by 15%, according to the CoinDesk USD Bitcoin Price Index (BPI).
Dollar-denominated markets hit a low of $372.73. BPI data shows that the declines began on Tuesday, accelerating as the week progressed.
STORY CONTINUES BELOW
At press time, USD markets are reporting an average price of$371.45.
The declines came amid a frenzied media response to the much-discussed exit of BitcoinJ developer Mike Hearn from the bitcoin project in which 30 media outlets seized on his claims the still-operating network had 'failed'.
Today also saw claims from embattled digital currency exchange Cryptsy that it has been insolvent since 2014 after a hack resulted in the theft of millions of dollars worth of bitcoin, adding to a negative media outlook.
Chinese markets fell as well, though not as precipitously, declining by 11%, according to the CoinDesk CNY BPI to hit a low of ¥2,532.73.
At press time, CNY markets are reporting an average price of ¥2,511.7.
Images via CoinDesk, Shutterstock
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
