$800 in 1 Hour: Bitcoin Price Drops Big to Near $9K

Bitcoin's price dropped sharply for the second day in a row, despite recovering to past $10,000 after Wednesday's fall.

AccessTimeIconMar 8, 2018 at 5:49 p.m. UTC
Updated Aug 18, 2021 at 8:26 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Bitcoin's price nearly hit $9,000 on Thursday, a move that came hours after the cryptocurrency briefly went back above $10,000.

According to CoinDesk's Bitcoin Price Index (BPI), the price hit a low of $9,075.87 before recovering. At press time, the cryptocurrency's value is hovering around $9,287.00. The development is a notable one, coming roughly a day after the market saw a $1,000-plus drop during afternoon trading.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • coindesk-bpi-chart-43-2

    Observers attributed Wednesday's move to several factors, including issues at cryptocurrency exchange Binance, a warning from the U.S. Securities and Exchange Commission about exchange compliance and a report from the trustee of Mt Gox revealing that some $400 million in bitcoin and bitcoin cash had been liquidated over a several-month period.

    It's less clear what drove today's market move. Indeed, some speculators on social media suggested that the price could test lower levels, with some predicting a slide to as low as $7,000. Should bitcoin's price fall below $9,000, it would represent the lowest level since Valentine's Day on February 14, market data shows.

    Additional information published by cryptocurrency information provider OnChainFX shows that all of the top-10 cryptocurrencies by market capitalization are down today. Of those, cardano and bitcoin cash have dropped the most in the past 24-hours, falling by 8.59 percent and 6.95 percent, respectively.

    Amusement park ride image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.