Bitcoin Plunges Nearly 10 Percent

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Bitcoin and other cryptocurrencies were seeing a huge drop in price Tuesday following some modest stability in recent days.

By 1:16 pm EST Bitcoin had dropped to $9,810 before rebounding shortly after 2 pm EST to slightly above $9,900.  The price fell below $11,000 shortly after 6 pm EST Monday.

Both Bitcoin and Bitcoin Cash were down between 10 to 11 percent from yesterday. made the following observation:

According to information from sites like CoinMarketCap and OnChainFX, the prices of all of the top-10 cryptocurrencies by market capitalization (which is the spot price of the token multiplied by the total amount of tokens in circulation) have fallen in the past 24 hours.

NEM's XEM token was hit especially hard following a $500 million hack from Japanese cryptocurrency exchange Coincheck.  It was not known if that news was adversely affecting prices of other cryptocurrencies over the past 24 hours.

- Gilbert Horowitz,

Business/Financial News

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