Share this article
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).
By Stan Higgins
Updated Sep 11, 2021, 12:05 p.m. Published Jan 15, 2016, 10:59 p.m. 1 min read
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.
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
More For You
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
What to know:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
