The price of bitcoin is down more than 10% today, according to CoinDesk’s Bitcoin Price Index (BPI).
At press time, the cryptocurrency’s price is trading around $10,237.28, a decline of roughly 10.92% from the day’s open of $11,522.86. As it stands, the current value is near the daily low of $10,050.79, and as of time of writing the price of bitcoin is down more than $1,200 for the day.
As seen in the graph, the price held above $11,000 until roughly 13:15 UTC, after which the price dropped below that level.
The developments call to mind those seen last week – though in this case, the price hasn’t fallen below the $10,000 mark. As reported on Jan. 17, the price hit a low of $9,714.02 on the BPI.
Additional market data shows that other cryptocurrencies, including nearly all of the top-20 coins by total capitalization, are down amid the day’s trade. Among the worst performers are IOTA, which is down more than 18% in the past 24 hours, and monero, which has fallen nearly 15% in the same period, according to CoinMarketCap.
Bitcoin’s price neared the $13,000 level this weekend, climbing to as high as $12,956 during Saturday’s trading session, BPI data shows. By Sunday, the price of the cryptocurrency had fallen below $12,000.
Roller coaster track image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.