RATE Group | Cryptocurrency bitcoin plunges further below $4,000 as it heads for largest fall since 2…
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Cryptocurrency bitcoin plunges further below $4,000 as it heads for largest fall since 2…

25 Nov Cryptocurrency bitcoin plunges further below $4,000 as it heads for largest fall since 2…

Posted at 17:41h in Bitcoin News by

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Bitcoin faced another sharp fall today as the cryptocurrency heads for its worst weekly loss in five years.

Bitcoin fell to a low of $3,474.73 today, its lowest level since September 2017, according to data from Luxembourg-based Bitcoin exchange Bitstamp.

The sharp fall means bitcoin is on track to see its largest weekly drop since April 2013, when prices fell almost 45 per cent.

The fall is the latest in a series of blows for the cryptocurrency, which has seen its value fall 33 per cent in the last week. So far this year its value has plummeted 75 per cent.

Bitcoin is now 82 per cent below its high of $19,666 last year following a surge of value for cryptocurrencies.

Competitor Ripple has also seen a sharp decline and is roughly 90 per cent below its peak.

Bitcoin’s freefall comes shortly after its offshoot Bitcoin Cash split into two competing cryptocurrencies. Bitcoin exchange Kraken raised concerns about one of the new currencies, describing it as an “extremely high-risk…

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