Share this article
Bitcoin's Price Is Down More Than $500 Today
Continued market turmoil traced to Chinese regulatory pressure has sent bitcoin's price tumbling more than $500.
By Stan Higgins
Updated Sep 14, 2021, 1:56 p.m. Published Sep 14, 2017, 5:48 p.m.
Make us preferred on Google
The price of bitcoin fell more than $500 today as market turmoil continues in the aftermath of Chinese exchange BTCC's trading stoppage announcement.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The CoinDesk Bitcoin Price Index (BPI) has hit a fresh low of $3,350.17 – roughly $523 down from the day's open of $3,874.26. When accounting for the day's price high of $3,923.98, that figure swells to approximately $573.
At press time, the price is at $3,363.25, according to the BPI.
Shanghai-based BTCC announced that it would would cease offering trading services on September 30, citing statements issued earlier this month by the People's Bank of China and other regulatory bodies in the country. BTCC's move came just a day after China-based BitKan announced that it would halt its over-the-counter (OTC) trading offering.
The new move downward comes hours after bitcoin's price fell below $3,500, falling below the 50-day moving average for the first time since July 20.
Many other cryptocurrency markets are experiencing sharp declines today, according to data from CoinMarketCap. Of the top-10 cryptocurrencies, litecoin has seen the heaviest decline, falling in the last 24 hours by more than 24% at time of writing with much of the volume being seen in Chinese exchange OKCoin and Huobi.
The collective cryptocurrency market capitalization has fallen below $120 billion for the first time in a month, per CoinMarketCap, hitting roughly $114.4 billion at press time.
Image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Anthony Scaramucci-linked AVAX One tumbles 32% on uncertainty around shareholder sales
The firm, which holds AVAX tokens and related Avalanche ecosystem assets, registered roughly 74 million shares held by insiders.
What to know:
- Shares of AVAX One, a digital asset treasury firm advised by Anthony Scaramucci, fell more than 30% after the company filed to register up to nearly 74 million shares held by insiders as available for sale.
- The registration, which enables early investors to resell previously restricted stock, stoked fears of dilution.
- AVAX One's move reflects broader pressures on crypto-native public firms whose stocks trade at steep discounts to the value of their token holdings, though it remains unclear if or when the registered shares will be sold.
Top Stories
