At around 7.30 this evening (GMT), bitcoin reached a new low for the year as crypto prices continued to fall.
According to figures collated by cryptocurrency pricing site, CryptoCompare, Bitcoin has just briefly hit its lowest price of 2018, at $5,534. The site, which aggregates its prices from a range of exchanges and markets, had previously registered the 2018 low-point for BTC at $5,537 on July 2nd.
It comes on the back of a day that has seen $25bn wiped of the total market capitalisation of cryptocurrency in general. According to Coinmarketcap, the total value of all the tokens it surveys now amounts to $184.5bn, having been very close to $210bn at midnight (GMT).
As we’ve previously reported, the rapid drop off in price began at around 4.30pm this afternoon, after Bitcoin had lost support at $6,300 dollars – which had propped up the crypto for some time – earlier in the day. The low, though, comes after threats from Craig White to crash the price of Bitcoin with a massive sell-off should he have to fund any hash war after the upcoming fork in Bitcoin Cash – whether or not this has further spooked an already jittery market is unclear as yet, though.
At the time of writing, Bitcoin’s price has recovered somewhat to around the $5,650 mark – but all those predictions of the bottom having being reached for Bitcoin in 2018, have now proved to be wrong, and could be proved more wrong before the night’s out.