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Bitcoin Drops to $10K in Worst Daily Loss in a Month
The cryptocurrency markets are flashing red again Thursday after bitcoin (BTC), the world's largest cryptocurrency by market capitalization, fell by more than $900 in 24 hours.
Updated Sep 13, 2021, 11:20 a.m. Published Aug 15, 2019, 1:16 a.m.
The cryptocurrency markets were flashing red again on Thursday after bitcoin , the world's largest cryptocurrency by market capitalization, fell by more than $900 in 24 hours.
On August 14, beginning at 12:00 UTC, BTC began to fall sharply from $10,862 to as low as $9,888 before traders bought the price back up above $10,000.
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It marks the worst single-day loss since July 16, approximately 30 days ago.
However, BTC's price has successfully defended a sub $10,000 close on yesterday's trading period and is currently changing hands at $10,084.
The move down was also accompanied by a large surge in total trading volume, rising $13.5 billion over a 24-hour period as investors and traders rushed to close their positions in order to stem the bleeding.
Major names such as ether , , and also began to fall in value at around the same time as BTC, losing between 8-12 percent respectively.
Further, the total market capitalization of all cryptocurrencies combined endured a $20 billion loss over 24 hours with a total valuation of $265.8 billion by the time the dust had settled.
The short term outlook remains a volatile one, so BTC could experience a bounce on today’s momentum, but that will need to be accompanied by strong levels in growing (bullish) volume in order to end the recent sell-off still being felt from August 10.
Disclosure: This author holds no cryptocurrency at the time of writing.
Slide via Shutterstock
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