Cryptocurrency

Bitcoin sinks below $5,000 for the first time in the year

Muneeb Ahmad Written by Muneeb Ahmad · 41 sec read>
Bitcoin crashing

Bitcoin tumble-down continues as the cryptocurrency went below the $5,000 mark for the first time in 13 months’ time.

The cryptocurrency market-leader Bitcoin and the other cryptocurrencies fell over the tip yesterday with Bitcoin going below the $5,000 mark amid uncertainty regarding the currency’s future. Forbes reports that the Bitcoin’s market capitalization now stands at $90 billion compared to that of more than $110 billion from a couple of weeks back.

Also Read: What is Bitcoin and what you need to know about it?

The cryptocurrency hit a low value of $4,951 yesterday by falling 9%, it’s a considerably low value because the currency had gone relatively stable at a price mark of $6,400 for quite a few days. The other cryptocurrencies also didn’t do any good. Ripple was down by 5% while Ethereum took a dip of 13%.

Just last week, Bitcoin Cash split into two different cryptocurrencies as part of a hardfork and was divided into “Bitcoin ABC” and “Bitcoin SV”. Instead of pushing the graph up, the cryptocurrencies have started seeing a considerable fall. The currency had hit its peak value just over a year ago and ever since then, it has lost about 75% of its value in a year’s time period.

Written by Muneeb Ahmad
I love to talk about global tech-happenings, startups, industry, education and economy. Get in touch: muneeb@techjuice.pk. Profile