Bitcoin price plunges below $4,500 mark in new 2018 low | Technology

The price of bitcoin continued to plunge on Tuesday as it fell another 7% to $4,387, taking its losses to almost 30% in the past week.

A 14% tumble in the price of the world’s biggest and best-known cryptocurrency on Monday had taken bitcoin below $5,000 for the first time in 13 months. It is now at its lowest level since October last year.

Other cryptocurrencies have also declined in the past days.

Last December the cryptocurrency surged to an all-time high of $19,511 in highly volatile trading but fell back to $13,500 at the start of this year.

“The crypto bloodbath continues,” said Neil Wilson, the chief market analyst at Markets.com. “Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market.”

On Friday, the US Securities and Exchange Commission took action against two cryptocurrency startups that staged initial coin offerings, or ICOs, selling cryptocurrency tokens to the public….