Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
Several days of mostly quiet price action came to a fast end during U.S. trading hours Thursday afternoon, with cryptocurrencies suddenly plunging and sending bitcoinAt press time, bitcoin was changing hands at $57,700, down nearly 3% from its price just about an hour earlier. Other majors saw even steeper declines, including ether
Summer 2024 has been notable for two previous panicky declines, the first of which occurred as the U.S. was enjoying its July 4 break. The catalyst for that selloff was a German government entity moving to begin selling the first of its 50,000 bitcoins which had been seized as part of a criminal probe.
Today's selloff, for now, appears to have no obvious catalyst. U.S. equity markets are again soaring, with the Nasdaq ahead 2.4% and the S&P 500 1.6% – both of those indices now having returned to levels seen well before the early August panic.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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