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 ,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 ,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 3 in 1 Hour to Lowest in a Month, CoinDesk, Sep 3