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Bitcoin's Price Is Down More Than $500 After Hitting a New High
Bitcoin prices have fallen below $4,000 hours after hitting a new all-time high.
By Stan Higgins
Updated Sep 14, 2021, 1:56 p.m. Published Aug 15, 2017, 2:43 p.m.
Bitcoin prices have fallen below $4,000 hours after hitting a new all-time high.
According to the CoinDesk Bitcoin Price Index (BPI), bitcoin markets hit a low of $3,892.72 – more than $500 below the high of $4,483.55 reached earlier this morning. At press time, the price of bitcoin is trading at around $3929, more than 10 percent below the day's open.
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The drop below $4,000 came just days after the market crossed that threshold for the first time, a move quickly followed further price increases. Given that the market hit a low of $1,990 a month ago, this morning's rise signified a nearly $2,500 increase within that period.
Other cryptocurrency markets are seeing price declines today as well.
, the cryptocurrency of the ethereum network, are down more than 5 percent, trading at roughly $282 at press time. According to data from CoinMarketCap, all of the top-10 cryptocurrencies are down today.
Image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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