Bitcoin plunges to new yearly low, $3000 barrier getting closer

Bitcoin drops more than 10% overnight – and other coins have even bigger tumbles…

A month and a week after it celebrated its tenth birthday, and Bitcoin now stands over $3000 in value down from that day. After a week or so when heavy losses appeared to have steadied, the highest profile cryptocurrency lost over 10% of its value again overnight. At the time of writing, Bitcoin is 11.5% down, sitting at $3412.

Even that is better than it was. At one stage overnight, the price dropped into the high $3330s. This is the lowest price we’ve seen Bitcoin at in over two years, and sadly, it keeps falling through new barriers too. The question as to just where the bottom of the market is remains unanswered.

A spike in trading volume kicked in around midnight UK time, which is when the price started tumbling. They appear to have temporarily steadied, but even the weekends haven’t offered much saving grace for the coin over the past few weeks.

There have been suggestions that Bitcoin will bottom out at around $3000 before bouncing back. Certainly it looks like those predictions are going to be tested, as the price of the coin veers worrying close to the $3000 level. All of this a year after it was edging close to $20,000.

Bitcoin’s not been the worst affected by the latest market price drop, though. EOS has lost 21% over the past 24 hours, Ethereum is down 17%, and both Dash and Zcash are registering falls of close to 20%.

Fingers crossed for a much quieter weekend…

Image: BigStock