Bitcoin prices have fallen below $4,000 hours after hitting a new all-time high.
According to the CoinDesk Bitcoin Price Index (BPI), bitcoin markets hit a low of $3,892.72 – more than $500 below the high of $4,483.55 reached earlier this morning. At press time, the price of bitcoin is trading at around $3929, more than 10 percent below the day’s open.
The drop below $4,000 came just days after the market crossed that threshold for the first time, a move quickly followed further price increases. Given that the market hit a low of $1,990 a month ago, this morning’s rise signified a nearly $2,500 increase within that period.
Other cryptocurrency markets are seeing price declines today as well.
Prices for ether, the cryptocurrency of the ethereum network, are down more than 5 percent, trading at roughly $282 at press time. According to data from CoinMarketCap, all of the top-10 cryptocurrencies are down today.