Bitcoin has shed over $70 billion in a week.
The most dominating cryptocurrency on the planet earth has now become the most losing crypto ever. Bitcoin dropped to its lowest in more than two months. The digital currency fell to a low of $6,147.30, its lowest since mid-November, according to CoinDesk, while it is now trading at $6,222 (as of writing).
Yesterday the cryptocurrency was down more than 11 percent, as reported by CoinDesk, and now it has further lost its value. According to an estimate, Bitcoin has now lost more than 55 percent from its value, as we entered the year 2018.
Looks like the prediction of the Wall Street’s veteran is appearing true, who said that it would be no surprise if Bitcoin drops to $1,000. As the price of Bitcoin is based on speculations and these cryptos will see a drop in price in a similar manner they started their epic bull run last year.
“Bitcoin will pass cryptocurrency crown to Ethereum in 2018”, the prediction that created a lot of fuss in December last year, is also not the case. A similar price drop has been seen across the market. Bitcoin cash (BCH), Ripple (XRP) are down 14 percent each, while Ethereum’s ether (ETH) token has dropped 13 percent in the last 24 hours.
The decline follows several reports from the last couple of weeks that have raised worries about increased regulation and potential price manipulation in various markets, especially the latest statement by the Indian ministry was a major blow.
Nothing could be said certainly about the highly volatile Bitcoin, but one thing is certain that this severe blow to Bitcoin has dashed hopes for investors.