Bitcoin price suddenly drops under $9000 after days of big rises

The price of Bitcoin fell around $1000 in 24 hours, after previously hitting a six-week high…

This week was starting to look like a strong one for the price of Bitcoin, with the highest-profile cryptocurrency hitting its highest price in six weeks. After sitting just above the $8000 mark this time last week, the price of BTC had been steadily climbing, and yesterday peaked at just shy of $9700.

However, the volatility that has followed the currency kicked in the other way, and over the past 24 hours, we’ve thus seen another sizeable tumble in the value of Bitcoin. At one stage, the BTC price fell to $8765, a fall of nearly $1000 in a day. Since then, it’s recovered a little, and at the time of writing, sits at $8888.

There’s not been a particular peak in volume over the past day (although there has been a small increase), and the feeling is that the price drop was likely to be caused by people cashing out and taking their profits.

Elsewhere in the world of Bitcoin, former PayPal boss Bill Harris argued that the currency was “the greatest scam in history”. Whilst his comments were widely-reported, that’s unlikely to be behind a $1000 price swing, however.

Here’s how BTC has fared over the past weeks…

Inevitably, it’s not just Bitcoin that’s seen its price drop, with other currencies also experiencing falls. The likes of Ethereum, Ripple and Litecoin have all fallen by more than 5%. We wait and see if the prices will recover over the coming days…

Image: BigStock