Bitcoin price drops again, bringing recent recovery to an end

The value of Bitcoin is falling once again, following a rare positive spell for holders of the cryptocurrency.

The token is worth $7550 (around £5750) at the time of publication, according to the popular cryptocurrency exchange Coinbase. That’s approximately $600 less than it was worth at the beginning of Tuesday (July 31).

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It isn’t clear what may be behind the latest Bitcoin price slump, but the drop coincides with reports suggesting that the South Korean government is planning to clamp down on exchanges in the country.

Cryptocurrency exchanges in South Korea are currently eligible for significant tax cuts. But, according to a report from Coindesk, that may not be the case for much longer.

What’s more, CoinMarketCap shows that the majority of the top 100 digital currencies by market capitalisation have declined in value over the past 24 hours. Of the top 10, only XRP and Stellar are currently in the green.

Last month, the price of Bitcoin hit a two-month high, rising above the $8000 mark for the first time since May. Unfortunately, the purple patch appears to have only lasted for around a week.

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The cryptocurrency has experienced a series of heavy drops throughout 2018, and plummeted to its lowest level since October 2017 in late June. Bitcoin holders will be desperately hoping for some good news again soon.

Are you a cryptocurrency holder, or have you sold off your tokens? Share your experiences with us on Facebook and Twitter @TrustedReviews.

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