Bitcoin price news: Will bitcoin break $9,000 this year – How much does bitcoin cost?

Bitcoin has already fallen more than 53 percent in 2018 and is worth £5,064.67 ($6,571.52), according to CoinDesk at 9.22am BST.

Ex-hedge fund manager Michael Novogratz is losing faith that bitcoin can recover from its current slump.

Mr Novogratz told assembled attendees at the Economist Finance Disrupted event in New York: “I don’t think it breaks $9,000 this year.

“Much of that price pressure came from industry participants needing to sell just to fund the burn rate of the industry.

“Companies who aren’t making anywhere near the revenue they did during last year’s crypto boom sold to meet obligations such as payroll.”

The change in attitude is stark – only a year ago, Mr Novogratz appeared confident that Bitcoin could trade for £30,828 ($40,000).

The expert said at the time: “Bitcoin could be at $40,000 at the end of 2018. It easily could.”

Mr Novogratz added big-time investors’ money will go to cryptocurrencies in 2019 with a return of the same “fear of missing out”…