Bitcoin has been on an upsurge lately with value of the cryptocurrency skyrocketing from $8,000 to close to $20,000. Well, that period hit a quick end today as the price crashed up to 23% on Coinbase.
The price shortly slipped below $12,000 on some exchanges at about 7:30 GMT.
This drop — which swept at least $4,000 from the bitcoin value at a point — was the highest percentage value loss that bitcoin has ever recorded this year.
The cryptocurrency valued at around $998 on January 1st 2017 moved up to a record high of closely $20,000 on some exchanges early this week. See the trend here…
You may read also: Bitcoin Future Starts Trade, Sends Up $1,000
It is not only bitcoin that has experienced this kind of glaring value loss. Ethereum (20%), Bitcoin Cash (30%), Litecoin (21%) and almost all high-profile altcoin lost value in the last 24 hours, according to Coinmarketcap. Ripple went up by 7%, and only one out of two coins to maintain green in the past day.
The cause of the depreciation, everyone keeps guessing. This is the same way nobody knows really why bitcoin’s price has upsurged from a slight under $1,000 i the beginning of the year — although many do credit that to financial institutions accepting the cryptocurrency.
That is only probably to rise in 2018. Goldman is planning to trade bitcoin and other cryptocurrencies 2018, Techcrunch reported.
Goldman is one of the financial institution to provide Bitcoin Futures for certain number of clients. CBOE was the first to provide the trading alternative on December 10, CME has later joined the train. There has been criticism from some banks expressing concern at an absence of transparency and control around Bitcoin Futures.