Bitcoin Price Drops 20pc in Three Days

Business » FINANCE | September 5, 2017, Tuesday // 15:50| Views: | Comments: 0
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Bulgaria: Bitcoin Price Drops 20pc in Three Days pixabay.com

The price of Bitcoin has plummeted in the last three days after the virtual currency hit record levels, according to The Telegraph.co.uk.

Values of other cryptocurrencies such as Ethererum and Ripple have also plunged, wiping billions off their combined values.

The currencies have exploded in value in recent months amid surging interest in initial coin offerings (ICOs), a newly-popular way for companies to raise funds.

The surging prices of Bitcoin, Ethereum and others had appeared to defy warnings of a bubble, but sceptics believe that a crash will only be a matter of time.

Bitcoin hit a record high around $5,000 (£3,870) on Saturday but started to fall shortly after, with many owners apparently taking the milestone as an opportunity to sell their investments.

It fell further on Monday when Chinese regulators announced a ban on ICOs and on Tuesday morning traded as low as $4,000, a 20pc drop in less than three days. Fears of a bubble were also possibly compounded when Paris Hilton became the latest celebrity to announce she was investing in an ICO.

Ethereum, the currency that is used in many ICOs, fared even worse, falling by almost 30pc from its $400 peak on Saturday.

Combined with falls in others such as Bitcoin Cash and Ripple, more than $30bn has been wiped off the total value of major cryptocurrencies since Saturday.

The currencies have surged this year. Bitcoin's $5,000 peak on Saturday compares to less than $1,000 at the start of the year and Ethereum had reached $400 from just $8 in January.

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