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Bitcoin's Price Falls Below $10K Amid Wider Crypto Drop

Nikhilesh De
Having rallied 27 percent in the last 24 hours, Stellar's XLM token is eyeing a bullish breakout on the price charts.

The price of bitcoin is down more than 10% today, having slipped below $10,000 amid wider weakness in the cryptocurrency market, according to CoinDesk's Bitcoin Price Index (BPI).

Price data shows that, as of press time, the price of bitcoin is trading at $9,992.12, representing a decline of roughly 9.9%. Overall, the price of bitcoin is down more than $1,100 since Tuesday's session began.

The cryptocurrency's price had been trading above $11,000 since Saturday when it briefly went below that level. After bouncing around that figure this morning, bitcoin slid below $11,000 around 9:15 UTC.

Other cryptocurrencies have taken a hit today as well.

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. These include NEM, EOS and Cardano, per info from CMC, all of which have shed at least 10% in value since yesterday.

The price of NEM's XEM token has been particularly hard-hit today, coming in the wake of a dramatic $500 million hack from Japanese cryptocurrency exchange Coincheck. A new report from Reuters published today indicates that some of the XEM tokens stolen are being sent to exchanges in order to be sold.

Market graph image via Shutterstock

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