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$17k Breached: Bitcoin Down 15% from All-Time High
Bitcoin's price has dipped below $18,000, marking a decline of more than $1,300 since the start of the day's trading.
Bitcoin's price has fallen 15 percent from its recent all-time high, dropping by more than $1,800 since the start of the day.
Data from CoinDesk's Bitcoin Price Index (BPI) shows the price falling to as low as $16,961.79 at press time, a fall of over 10 percent on the day. The BPI hit an all-time high of $17,801.94 on Dec. 15.
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After opening at $18,960.52 and briefly climbing above the $19,000 level, the cryptocurrency's value fell below $18,000 first around 11:00 UTC and later at several points during the day. The latest move beneath that figure began 19:24 UTC, BPI data shows.
The trading activity brings the price back to the range it saw on Saturday, a day ahead of the bitcoin futures launch by CME Group. Indeed, it also continues a trend reported earlier today, during which the price of bitcoin had sunk below $18,000 while alternative cryptocurrencies like ether and REP posted significant gains.
As it stands, the collective market capitalization of the cryptocurrency ecosystem remains above $600 billion, having moved across that threshold for the first time yesterday.
Disclosure: CME Group has an ownership stake in Digital Currency Group, CoinDesk's parent company.
Roller coaster track image via 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).
