On Monday (December 16), according to data from CryptoCompare, between 18:20 UTC and 18:30 UTC, the Bitcoin price fell below the $7,000 level for the first time in three weeks.
Here is the 24-hour BTC-USD price chart:
At 18:20 UTC, Bitcoin was trading at $7,126.38. Within 10 minutes, Bitcoin had fallen to $6,945. By 19:20 UTC, the Bitcoin price had reached the intraday low of $6,914. This means that Bitcoin had lost almost 3% of its value in just one hour.
If we look at the Bitcoin price at individual crypto exchanges rather than the average price across a set of exchanges, things look even worse; for example, over at Coinbase, by 19:20 UTC, BTC-USD was trading below the $6,900 level ($6,884).
Since then, we have had a small bounce, and at the time of writing (20:10 UTC), Bitcoin is trading around $6,932.
Crypto analyst/developer Ivan Liljeqvist (@IvanOnTech) and the owner/host of the crypto-focused "Ivan On Tech" YouTube channel, had this to say about Bitcoin's price volatility:
Bitcoin might seem like an insane and volatile investment.
But if you ignore the crazy peaks and focus on yearly lows, you see the steady amazing growth:
2011??$0.29
2012??$3.80
2013??$12.77
2014??$275.00
2015??$152.40
2016??$350.92
2017??$751.34
2018??$3,128.89
2019??$3,322.19
— Ivan on Tech (@IvanOnTech) December 16, 2019
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