RATE Group | Bitcoin Drops $400 in 30 Minutes As Price Volatility Returns
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Bitcoin Drops $400 in 30 Minutes As Price Volatility Returns

11 Oct Bitcoin Drops $400 in 30 Minutes As Price Volatility Returns

Posted at 03:45h in Bitcoin News by

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Bitcoin, the world’s largest cryptocurrency by market capitalization, dropped 4.77 percent on Thursday, pushing prices well below $6,400 for the first time in weeks.

At 00:58 UTC, just after Wednesday’s close, the cryptocurrency shed $400 over the course of 30 minutes, a move that found it crossing $6,400, for a time the market’s most reliable lower-bound support, for the first time since September 12, according to CoinDesk price data.

Bitcoin was last seen trading at $6,238.

At press time, bitcoin has lost momentum, having stalled briefly at around $6,038 before crossing back above $6,200.

The volatility marked an end to stable trading that had been ongoing since September 17, with prices in-between caught in a $300 range. After the levy finally broke, the pressure proved too costly for the bulls, who had to concede their losses and watch as the price dropped in quick succession.

The top 10 cryptocurrencies by market capitalization also took a hit, dropping between 4 to 13…

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