RATE Group | Bitcoin price: why the digital coin is suffering its biggest fall in six months
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Bitcoin price: why the digital coin is suffering its biggest fall in six months

22 Nov Bitcoin price: why the digital coin is suffering its biggest fall in six months

Posted at 15:38h in Bitcoin News by

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Bitcoin and rivals Ethereum and Ripple have suffered their biggest declines in six months, wiping billions off the cryptocurrency market. 

After surpassing the $13,000 (£10,100) mark in June, bitcoin quickly ran out of steam and entered a state of decline, according to data on ranking site CoinMarketCap. 

Prices briefly rose at the end of October, leaping from $7,500 (£5,830) to $9,900 (£7,700) in a matter of hours, but then began falling once again. 

In the past week, bitcoin has sunk from a high of $8,680 (£6,750) to around $7,130 (£5,550) as of midday on Friday.

Bitcoin’s rivals have also suffered big declines in recent days. Ethereum sank from a high of $187 (£145) on Sunday to today’s price of $146 (£113) per coin, while banking-focused coin Ripple has slipped to $0.23 (£0.18) from Sunday’s high of $0.27 (£0.21).

A total of around $170bn (£132bn) has been wiped from the market since June, following mass sell-offs across the three digital currencies, reports 

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