Bitcoin goes down Just Over $1,300 in 1.5 Hours

The bitcoin price has just plummeted by over $1,300.

The cryptocurrency opened today's session at $13,585, and reached a high of $13,601 before the sudden tumble at soon after 07:00 UTC that saw the price goes down from $13,210 to $11,850 at 08:30 UTC. That's a fall of $1,360 in just 1.5 hours.

The news comes as the wider cryptocurrency market is seeing losses. All the top 20 cryptocurrencies by market capitalization are in the red today, with ethereum down 14 percent, Ripple down 21 percent and bitcoin cash down 19 percent over the last 24 hours, according to CoinMarketCap data.

The overall market cap for all tokens is at $584.9 billion at press time – down from a high of $832 billion on Jan. 7.