Newsflash: Bitcoin Price Drops $380; Ethereum, Ripple (XRP) Plunge 9%

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bitcoin price
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Cryptocurrency analysts had predicted that the bitcoin price was about to break away from its $6,550 peg, and those predictions came true early Thursday morning. Unfortunately for investors, though, this movement did not occur to the upside.

After briefly making a push toward $6,700 earlier in the week, the bitcoin price was holding steady between $6,550 and $6,600 leading into Thursday morning. Shortly before 1:00 UTC, however, BTC/USD took a steep downward turn, plunging from $6,594 to $6,252 in just 35 minutes. As of the time of writing, the flagship cryptocurrency was priced at $6,288 on Bitfinex, representing a daily decline of about five percent.

bitcoin price chart
BTC/USD | Bitfinex

The drop was even more pronounced in altcoin markets, with ethereum and ripple (XRP) both taking a nine percent haircut, and bitcoin cash dropping a full 10 percent to $462. As of the time of writing, the cryptocurrency market cap stood just below the $206 billion mark.

Featured Image from Shutterstock. Charts from TradingView.

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  • bitcoinBitcoin
    (BTC)
    $ 6,525.49
  • ethereumEthereum
    (ETH)
    $ 206.95
  • rippleXRP
    (XRP)
    $ 0.464261
  • bitcoin-cashBitcoin Cash
    (BCH)
    $ 448.09
  • eosEOS
    (EOS)
    $ 5.38
  • stellarStellar
    (XLM)
    $ 0.236873
  • litecoinLitecoin
    (LTC)
    $ 53.19
  • tetherTether
    (USDT)
    $ 0.971001
  • cardanoCardano
    (ADA)
    $ 0.075658
  • moneroMonero
    (XMR)
    $ 105.29