Bitcoin lost a 3rd of its value in 24 hours

Published: Wilson Clark

On: Dec 2017

The extremely popular crypto-currency, Bitcoin prices slowed sharply to below $11,000 on Friday, as a result it lost a third of its value in 24 hours, according to data received from a leading media site. After this plunge, it rebounded slightly to about $12,000, but this price is still 25 per cent less valuable than bitcoin was recorded on Thursday morning.

As recently as Sunday, the Bitcoin prices had approached $20,000. A few days back, the price drop comes as bad news for bitcoin futures, which has still been soared over 1,000% since the beginning of the year.

While on Thursday, a bitcoin spinoff called bitcoin cash which was suspended from one of the most famous exchanges after possible insider trading.

Meanwhile, the United States of America’s markets regulator stopped trading in a red-hot bitcoin stock.

Bitcoin off-track its third value

Earlier this week, a South Korean virtual currency exchange was force to close down is door soon after falling victim two attacks by hackers in the space of a few months. These incidents have raised questions about the reliability of crypto currency markets, which are not operated by government or central banks. But some argue that bitcoin is just taking a breather after a furious 2017.

The managing director of Hong Kong cryptocurrency trading platform Otagon Strategy, Dave Chapman siad that “A correction like we are witnessing today is really surprising.”

Amid this conflict Friday, one of the most favored cryptocurrency exchange, called Coinbase said that sells and buys might be temporarily offline due to huge traffic. The lost threatens to take the success what’s been an incredible year for bitcoin. This time last year the virtual currency was gathered less than $1,000.

Earlier in December month, two major USA financial exchanged inaugurated trading in bitcoin futures, which will surely help give it more profit with big, institutional investors.

Bitcoin’s flying ascents has promoted a large number of high-profile figures in finance as well as economics to sound the alarm, counting that the currency’s success is simply a great bubble.