Bitcoin’s Price Has Gone Down $10,000 in 40 Minutes

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Bitcoin’s Price Has Gone Down $10,000 in 40 Minutes: a blog that discusses what a bitcoin is and the cons to owning one.

Bitcoin’s price has slipped back below $9,000 after hitting its latest all-time high of more than $47,500 last week. The cryptocurrency has fallen by around $10,000 in just over 40 minutes.

According to data from CoinMarketCap, Bitcoin’s (BTC) price currently stands at $8,907 as of 9.16am ET Tuesday morning after falling from an opening price of $9,870 at 8.34am ET. Before that, the cryptocurrency was trading at an average price of around $10,000 since January 25 and peaked at more than $31,000 on January 8 before rising to more than $46,000 later the same day.

This comes shortly after Elon Musk announced that his electric vehicle company Tesla had invested $1.5 billion into Bitcoin and would begin accepting it as payment for cars in the near future. Tesla also bought another roughly 1.5% stake in Bitcoin for about $300 million on February 8 before selling it on March 1 for about $150 million less than it paid for it.

Bitcoin’s Price Has Gone Down $10,000 in 40 Minutes

At the same time, a tweet from Elon Musk about Dogecoin being “the people’s crypto” sent that coin’s price up by 13 percent.

Lily Hay Newman

1:29 PM EST

Bitcoin’s Price Has Gone Down $10,000 in 40 Minutes

One of the reasons cryptocurrencies are so popular is that they’re supposed to allow for peer-to-peer transactions without the need for a third party or financial institution. But today, Bitcoin’s price fell from around $19,000 to $10,000 and then back up again in the span of a little over an hour.

According to Coindesk, this was caused by a “flash crash” on Coinbase Pro, one of the largest cryptocurrency exchanges. While these crashes don’t affect investors’ holdings, it does make it easier for people to buy and sell at low prices. The site reports that many people were able to buy Bitcoin for as little as $9,900 before the price rebounded.

Cryptocurrencies have been known to be volatile in recent months. A report from Coin Metrics found that Bitcoin is more volatile than gold, with swings of more than 10 percent happening twice a month on average. Bitcoin’s price has skyrocketed since March 2020 when it saw some significant dips as well as a surge after PayPal announced its crypto service.

While Bitcoin is currently trading around $18,500 right now, there are still some warning signs about its future prospects. As Bloomberg notes

Bitcoin’s price has gone down $10,000 in 40 minutes, from around $23,000 to as low as $13,000 on some exchanges.

This is a test of the cryptocurrency’s popularity and how much it is used for daily transactions. When the price goes down, people will use their bitcoins to buy other things online or to pay for goods and services. If there are thousands of people with bitcoins in their wallets who are waiting to sell them when they can make a profit, then this could lead to a huge drop in the price of bitcoin.

After rallying throughout the weekend, the cryptocurrency market is down sharply today. Bitcoin has fallen $10,000 in 40 minutes, while Ethereum and Ripple have both dropped more than 20 percent. Each of the top ten cryptocurrencies by market cap are down at least 10 percent.

Bitcoin reached a high of around $19,850 on Sunday before falling back to around $16,250 by late afternoon. It climbed further on Monday morning to reach a new all-time high of $19,783.06 at 9:30 am Eastern Time. At roughly 11:10 am Eastern time—or about 40 minutes later—it had fallen below $9,000.

Bitcoin’s price dipped from as low as $8,980 to as high as $11,500 in a matter of minutes. The low was hit on Coinbase; the high was hit on Kraken (the two sites have been known to have different prices for Bitcoin). As of 11:30 am Eastern time on Monday morning, Bitcoin is trading around $9,600 per coin.

Cryptocurrencies have been on a rollercoaster ride over the past few days. Yesterday, bitcoin’s price fell from around $19,000 to $11,000 in 40 minutes. The value of other cryptocurrencies like Bitcoin Cash and Ethereum followed a similar decline.

The massive drop was unexpected for many investors who purchased these currencies at their peak prices over the past week. Bitcoin’s value rapidly escalated from about $10,000 on November 26 to as high as $19,500 within a week. The cryptocurrency hit an all-time high of nearly $20,000 on Sunday.

But on Wednesday morning, the value of bitcoin plummeted to as low as $11,200 within 40 minutes before recovering slightly to around $13,000 at press time, according to CoinMarketCap.

CoinMarketCap’s data shows the total market capitalization of all cryptocurrencies also dropped by more than 32% over this time period — falling from $604 billion on December 12 to just under $408 billion at press time

Crypto currencies have had a very interesting run. The first crypto currency, Bitcoin, was created about a decade ago by an anonymous person or group, and it’s taken the world by storm. Bitcoin has become increasingly valuable over the last few years, to the point where one bitcoin is worth nearly $20,000. But today Bitcoin’s price has dropped in an unprecedented way: a single bitcoin is now worth only $10,000.

Bitcoin has been on a tear over the last year or so. In fact, Bitcoin has gone up in value over 20 times in 2017 alone. This means that if you bought a single coin for $100 in January of this year, you could sell it for more than $2,000 today (provided you’ve held onto it). That’s pretty amazing! But why is Bitcoin doing so well?

Well, there are many reasons as to why Bitcoin has increased so much in value:

* It is easy to buy. You can buy bitcoins through online exchanges like Coinbase with your credit card or bank account. It’s also easy to store your bitcoins on your phone with the Coinbase wallet app. And there are many other ways to purchase bitcoins — you can even go to an ATM machine and buy some!

* It is secure

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