After yesterday’s debacle, Bitcoin fell as much as 13 per cent more and dropped to US$ 4,051, reaching to its year low as this week the cryptocurrency declined by more than 25 per cent. The fall in the cryptocurrency which traded near the US$ 20,000 mark last December, triggered the sell-off in other major currencies such as Ether, Litecoin and XRP.
The rival cryptocurrencies witnessed a loss of around 17 per cent. It is highly unclear as what could be the reason of the sell-off but the recent SEC (Securities and Exchange Commission) clam down on the similar cryptocurrency can be added one of the cause.
Also, the “hard fork” of Bitcoin Cash, that is the split of the original Bitcoin into two, has underscored the sometimes chaotic nature of a crypto community racked by infighting.
However, the turmoil came into a little stability as the Bitcoin jumped back a little after the fiasco and reached the levels of US$ 4600.
According to Forbes, Bitcoin’s market capitalization has now fallen to US$ 82 billion, down from more than $110 billion just in the course of two weeks. Meanwhile, the combines digital assets have now lost almost US$ 700 billion of market value since the January peak.