Bitcoin Falls Sharply, Loses A Third Of Its Value

Cryptocurrency has seen serious price drops this week. Several events disrupted its course.

Only bitcoin is able to reach the peaks and hit the bottom in a matter of days. However, the cryptocurrency, which was close to $20,000 Monday, fell below $13,000 Friday late afternoon, before rising to around 14,445 dollars around 23 hours, French time. That’s a 35% drop in five days. The fall was particularly brutal between Thursday and Friday, when the price of bitcoin lost $ 4000 in a few hours. Coinbase, one of the main platforms for the purchase and sale of cryptocurrency, has even announced the temporary suspension of trade because of too many connections.

Several events

Bitcoin is what is called a cryptocurrency, a virtual currency. It can be bought and resold via online platforms. The particularity of bitcoin is that its price is independent of any central bank: all transactions are verified by the “nodes” of the network, that is to say the computers of cryptocurrency users. Bitcoin has been the subject of particularly intense speculation in recent months.

A year ago, the virtual currency was worth less than a thousand dollars per unit, an increase of at least 1300% in twelve months. It has attracted the interest of Internet users and businesses around the world, as well as the concerns of many authorities.

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About the Author: Lisa McIntyre

Lisa is a reporter covering all things cryptocurrency . Lisa holds a Master’s in Journalism from the University of California and writes professionally and has written in variety of genres. She has worked as a senior manager in public relations and communications for major telecommunication companies, and is the former Deputy Director for Media Relations with the Modern Coalition. To contact Lisa, just click here

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