Bitcoin Carnage: Bitcoin falls below $10,000
The volatility of Bitcoin continues. In 2017, Bitcoin had a meteoric rise from $830 to $19,300. Today, the price of the Bitcoin briefly dipped below $10,000 around 7 a.m. EST on Wednesday as investors jolted by fears of regulators could clamp down.Based on data from CoinDesk.com, this is the lowest level since late November when Bitcoin nearly reached $20,000. This week alone, the cryptocurrency has dropped by about 30%.
Other popular cryptocurrencies ethereum and ripple also have posted double-digit losses. One virtual currency exchange, Bitconnect, dived 93% late Monday. It’s unclear why bitcoin has had a rough week. Cryptocurrency is a murky market with frequent swings. “Volatility is quite common in the cryptocurrency world,” said Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro, on Tuesday.
Bitcoin is a little over $10,000 as of the time of this writing.