Update: Today's price low has been corrected from the earlier reported $887 to $885.41.
After months of a sustained bullish rally, bitcoin price has swung to a significant slump, hitting a low of $885.41 on the Bitstamp Price Index (BPI) today. The dramatic drop comes within a day of bitcoin inching close to its all-time high.
The first signs of a collapse began at 09:00 (UTC), when bitcoin was trading at $1,134.78. A thirty-minute trading period saw price fall quickly toward $1,068.84 before rebounding above the $1,100 mark an hour later.
Come midday, things took a turn further south as price went from $1,099.99 at noon to $988.54 at the end of the hour. The 1-hour trading period saw bitcoin lose over 10% in value. The slump didn’t end there, as price sunk further, registering a low at $885.41 today.
At the time of publishing, bitcoin price is showing signs of another rebound, trading at $960.
For a live Bitcoin Price chart, click here.
For the most recent bitcoin price analysis piece from CCN analyst Jim Fredrickson, click here. Today's analysis, written before the big drop, will be published soon.
All time references are in Coordinated Universal Time (UTC).
Image from Shutterstock. Charts from BitcoinWisdom.