The plunge and surge of the value of Bitcoin are, by all means, heart wrecking. The currency was quite unstable back in July, and we were not quite sure whether we would see a surge in value sooner. Despite the volatility in currency like Ethereum, Bitcoin’s value did rise, until it hit rock bottom yet again.
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.
According to the report, the currency’s current losses are at 30% within the seven-day period alone.
The digital currency dropped 16 percent on Tuesday to its lowest level since Sept. 30, 2017, according to data from CoinMarketCap.com. Bitcoin fell as low as $4,200.22, according to data from CoinDesk, bringing its total losses in seven days to roughly 30 percent.
The price plunge came after weeks of rare stability for the world’s largest and best-known cryptocurrency. While global markets churned in October, bitcoin traded comfortably in the $6,400 range — a break from volatility earlier this year. Its total losses this year are now more than 65 percent.
The value was $6,400 at around October, but it has plunged down to $4,200, according to the data presented by CoinDesk.
According to Sky news, this is the lowest record in value that investors have ever seen for the currency this year.
Bitcoin has lost nearly a third of its value in just a week as cryptocurrencies come under renewed pressure. Bitcoin was trading 7.5% down on the day on Tuesday – its lowest level for more than a year according to the Bitstamp exchange – hours after US tech stocks endured fresh losses on Wall Street.
It left Bitcoin valued just above $4,300 (£3,342). Only 11 months ago, a bull run for the digital currency stopped just shy of a record $20,000 but it has remained largely on a downward spiral since.
And while other currencies are also experiencing a decline, Bitcoin is by far the big loser in the lows recorded in 2018.
The $2,000 drop in Bitcoin value is really not a small number. And we do not know when exactly investors will see a surge in the value of the currency.