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Bitcoin value plummets 40% in first weeks of 2015

Bitcoin hoarders beware – the value of the world’s most ubiquitous cryptocurrency has slipped by a massive 40 per cent since the year began, as noted by Wired.

This has left the currency now valued at $193.10 USD (£127) per single Bitcoin, marking the first time it’s dropped below $200 since 2013.

At the start of 2015, Bitcoin weighed in at somewhere around $313, which equated to £206 in pound sterling.

The crippling blow to Bitcoin worth is sure to send some collectors into a flurry of selling, which will only serve to further bring down the value.

The drop in worth is reportedly a result of a surplus in Bitcoin combined with a lack of interest in the currency, as the CEO of UK-based Bitcoin exchange Coinfloor, Amadeo Pellicce notes, saying there has been ‘more supply than demand.’

“As with any commodity, Bitcoin is only worth what people are willing to pay for it at any given time,” said Pellicce, speaking to Wired.

Pellicce did remain hopeful for Bitcoin though, despite the grim downwards slope of value charts for the currency.

“The fundamentals of the six-year-old currency are stronger today than they have ever been ad we think we are going to continue to see many interesting developments in 2015.”

Related: Bitcoin slammed as ‘worst investment of 2014’

Others aren’t so hopeful – Bitcoin exchange CEX.IO suspended mining earlier this week because it became unprofitable.

Back in December 2013, Bitcoin saw its highest ever value, trading at $1200 per coin (£715).

The trading value has fallen fairly consistently since that date, seeing a small rise in mid-2014, only to drop once more to today’s value.

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