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Bitcoin Plunges $403 in 1 Hour to Lowest in a Month
The price plunge came after reports traders were selling an elevated level of bitcoin to exchanges for potential liquidation.
Bitcoin (BTC) tumbled about $403 in an hour early Thursday, deepening a two-day sell-off that pushed the largest cryptocurrency to its lowest point in a month.
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- The price was down 4.9% on the day to $10,838 as of 13:09 coordinated universal time.
- The move down came after CoinDesk reported that exchange platforms were witnessing elevated inflows of bitcoin, potentially a sign that some investors were preparing to liquidate some of their holdings.
- "Inflows surged as people rushed to sell at near $12,000," Philip Gradwell, chief economist at the blockchain intelligence firm Chainalysis, tweeted early Thursday.
- U.S. stock futures were down and the dollar was gaining in foreign-exchange markets early Thursday
- A U.S. government report early Thursday showed jobless claims dropped to 881,000, the lowest since the coronavirus pandemic struck earlier this year, though still elevated compared with historical levels.
Also read: Bitcoin Risks Deeper Price Pullback as Exchange Inflows Spike
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
