The bitcoin price took a $250 nosedive on Thursday, putting an end to what had previously been a day of relative stability.
The world’s largest cryptocurrency had spent the majority of the day trading near $9,325 on Bitfinex, though it peaked as high as $9,390 during the early morning hours. At approximately 16:45, the bitcoin price entered a severe downward spiral — severe, at least, in comparison to its recent price movements.
By 17:00, bitcoin had fallen to $9,205, and it ultimately fell as far as $9,112 before experiencing a $65 bounce. At present, bitcoin is valued at $9,177 on Bitfinex, though it remains to be seen whether BTC will continue to defend the $9,000 barrier.
Today’s movement marks a stark reversal from last Saturday when bitcoin appeared poised to triumphantly cross the $10,000 threshold for the first time since early March. However, the rally stalled at $9,990, and bitcoin has failed to challenge that mark in the five days since.
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