Bitcoin is back in the news, and you know that means one of two things. Unfortunately for holders of the cryptocurrency, its value has tanked over recent days, dropping by almost $2000 in less than a week.
It’s worth $4366 (~£3397) at the time of publication, according to Coinbase. It had been worth more than $5500 as recently as November 18, and more than $6300 on November 13.
Read more: Black Friday 2018 deals
The last time Bitcoin was worth this little was October 2017 − more than a year ago.
The graph below shows just how dramatically Bitcoin’s price has fluctuated since January 2013:
Image: Coinbase
It isn’t clear why the cryptocurrency has suddenly lost around a third of its value, but the timing of the price slump has prompted an inevitable slew of Black Friday jokes.
There is no Bitcoin crash, just Black Friday and Cyber Monday. ☝
— Martin Gauer (@attackemartin) November 20, 2018
No, Bitcoin isn't dying – it's just preparing for this year's Black Friday sale. pic.twitter.com/FeJe5S2V2z
— Jameson Lopp (@lopp) November 19, 2018
Black Friday comes early to the Crypto markets. Blood in the streets #bitcoin #HODL
— Karl Parsons (@karlparsons) November 20, 2018
According to CoinMarketCap, 20 of the top 20 and 98 of the top 100 digital currencies by market capitalisation have dropped in value over the past day.
Bitcoin Cash, which currently occupies fifth place on the list, has lost an astonishing 39.6% of its value in the last 24 hours.
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As ever though, while some crypto holders see nothing but woe, others see an opportunity, and will be looking to pounce while prices are low.
Are you a cryptocurrency holder? What has 2018 been like for you? Share your experiences with us on Twitter @TrustedReviews.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
