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Bitcoin Drops to $10K in Worst Daily Loss in a Month


Crypto Currency

Bitcoin Drops to $10K in Worst Daily Loss in a Month

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The cryptocurrency markets were flashing red again on Thursday after bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, fell by more than $900 in 24 hours.

On August 14, beginning at 12:00 UTC, BTC began to fall sharply from $10,862 to as low as $9,888 before traders bought the price back up above $10,000.

It marks the worst single-day loss since July 16, approximately 30 days ago.

However, BTC’s price has successfully defended a sub $10,000 close on yesterday’s trading period and is currently changing hands at $10,084.

The move down was also accompanied by a large surge in total trading volume, rising $13.5 billion over a 24-hour period as investors and traders rushed to close their positions in order to stem the bleeding.

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Major names such as ether (ETH), litecoin (LTC), XRP (XRP) and EOS (EOS) also began to fall in value at around the same time as BTC, losing between 8-12 percent respectively.

Further, the total market capitalization of all cryptocurrencies combined endured a $20 billion loss over 24 hours with a total valuation of $265.8 billion by the time the dust had settled.

The short term outlook remains a volatile one, so BTC could experience a bounce on today’s momentum, but that will need to be accompanied by strong levels in growing (bullish) volume in order to end the recent sell-off still being felt from August 10.

Disclosure: This author holds no cryptocurrency at the time of writing.

Slide via Shutterstock

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