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Bitcoin Slumps To New Low, Heads Closer To $3,000

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As losses continue mounting, Bitcoin heads for another weekly slump on Friday. The largest cryptocurrency in the world in terms of market capital and value was seen heading closer to its $3,000 level, for the first time since September 2017.

Bitcoin Slumps To New Low, Heads Closer To $3,000
 

Bitcoin slumped by at least 6 percent in US hours before recovering to $3,272. According to data compiled by CoinMarketCap.com, cryptocurrencies have wiped $730 billion in market value from its January 2018 peak. Ongoing regulatory roadblocks arising from security concerns in the US has caused a disruption in mainstream institutional adoption from venture capital firms.

A Bloomberg report said that there were several bomb threats made across cities in the US and Canada, including New York and Toronto through emails asking for payment in Bitcoin.

In the last six months, a majority of the main cryptocurrencies have fallen 50 to 80 percent with Bitcoin Cash leading the decline. The negativity around cryptocurrency and its volatility have made it a difficult period to initiate a trade in them. Venture capital firms, the biggest investors in crypto-business, have been pulling out of deals with the companies in this sector.

Read more about: bitcoin cryptocurrency
Story first published: Friday, December 14, 2018, 14:12 [IST]
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