Bitcoin slides further, headed for worst week since 2013

Global Stock Markets

THE SUDDEN plunge of bitcoin has continued as the cryptocurrency’s value dropped to just $8,369 (£5,870) after it plunged by more than 17 per cent in 24 hours.

The online currency has so far seen a turbulent 2018, with its value continuing to all after it reached an all time high of nearly $20,000 (£14,000) in December last year.

Since the turn of the year Bitcoin’s value has decreased by more than 50 per cent.

Throughout 2017 Bitcoin saw its price rise by more than 1,500 per cent from the beginning of the year after the value of a single Bitcoin has soared from $954 (£668) in January.

The decline over the past month comes after experts warned that the digital currency was in a bubble that would eventually crash.

Despite the trend in the collapse of the value of the original online currency, there are some who believe the current drop is due to confusion surrounding the Indian Government’s stance on cryptocurrencies.

 

India is not the only country to have announced its intentions to crackdown on the use of the digital money.

In January South Korea introduced a raft of measures aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereal.

A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed.