The value of bitcoin dropped rapidly today, amid concerns that trading could be banned in South Korea.
The volatile cryptocurrency hit a record high when it passed $19,850 in mid-December, but then tumbled rapidly, falling to below $12,000 within days.
Its value shifted unpredictably over the following weeks, but as of late, it had remained relatively steady. Until today.
It is worth $11,388 as of Tuesday afternoon UK time, according to the Coinbase exchange, meaning it has dropped in value by around 17 per cent over the past 24 hours.Previous to that, its price had fluctuated between the $13,000 and $14,000 marks for around a week.
Its value is down more than 41 per cent from a month ago, but still up more than 1,215 per cent from a year ago.
Recent goings-on have demonstrated just how quickly the situation can change for investors.
The cryptocurrency’s value plummeted ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark.
Bitcoin is notoriously volatile, and its value is expected to continue to shift unpredictably.
Its rise has also led to increasing amounts of interest in alternative cryptocurrencies, such as ethereum, litecoin and XRP.
All other major digital currencies have also dropped in value, according to CoinMarketCap
Naturally, bitcoin’s spectacular rise has coincided with increasing amounts of interest, with more and more people now looking to invest.
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Just watched the video , shame what's going on in s.korea ! We must stay bullish though