The value of bitcoin has seen significant losses over the last week, dropping to its lowest price since October 2017. A hack on a major South Korean exchange, as well as a new study suggesting it’s 2017 highs were artificially inflated, saw the world’s most valuable cryptocurrency fall below $6,000 to an eight-month low.
The volatile cryptocurrency’s price has shifted wildly ever since mid-December – when it hit a record high of more than $19,850 (£14,214) – with frequent heavy drops and speedy recoveries. Its price plummet back to earth in January and February, as governments and central banks around the world raised the spectre of future regulation.
Bitcoin’s value plummeted again shortly before Christmas, dropping by almost $2,000 (£1,449) in just an hour at one point, and almost slipping below the $11,000 mark (£7,970).
March saw bitcoin’s price drop below $10,000, reaching a low of $6,500 before rebounding above $7,000.
Aside from the looming prospect of regulation, a series of high-profile thefts have also had a hand in the sudden rapid dips in value bitcoin and its rivals have experienced – the most recent of which was a failed raid on the Binance cryptocurrency exchange.
Google’s announcement that it would ban cryptocurrency advertisingfrom its pages from June on the grounds that it considers it “deceptive content” was also a major blow to the sector.
Recent goings-on have demonstrated just how quickly things can change for investors.
It is worth $5,895 as of Friday morning, according to the Coinbaseexchange.
Its value has fallen by 4 per cent per cent since this time yesterday and is down by about 4 per cent week-on-week. Bitcoin’s value is down by around 21 per cent from one month ago.