Newsflash: Bitcoin Price Takes $250 Nosedive

Journalist:
May 10, 2018

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.

BTC Price Chart

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.

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.