Bitcoin Plunges $403 in 1 Hour to Lowest in a Month

Bitcoin (BTC) tumbled about $403 in an hour early Thursday, deepening a two-day sell-off that pushed the largest cryptocurrency to its lowest point in a month.

The price was down 4.9% on the day to $10,838 as of 13:09 coordinated universal time. The move down came after CoinDesk reported that exchange platforms were witnessing elevated inflows of bitcoin, potentially a sign that some investors were preparing to liquidate some of their holdings.

“Inflows surged as people rushed to sell at near $12,000,” Philip Gradwell, chief economist at the blockchain intelligence firm Chainalysis, tweeted early Thursday. U.S. stock futures were down and the dollar was gaining in foreign-exchange markets early Thursday. A U.S. government report early Thursday showed jobless claims dropped to 881,000, the lowest since the coronavirus pandemic struck earlier this year, though still elevated compared with historical levels.

Bitcoin Plunges $403 in 1 Hour to Lowest in a Month, CoinDesk, Sep 3