Today, the value of bitcoin fell 40% below $11,000 USD, seeing its first dramatic plunge since hitting record highs between $15,000-$19,000 USD.
Today, the value of bitcoin fell 40% below $11,000 USD, seeing its first dramatic plunge since hitting record highs between $15,000-$19,000 USD.
Not surprisingly, other major cryptocurrencies as well as blockchain stocks saw falling prices following the bitcoin trend.
The plummet reflects a decreased demand from South Korean and Japanese investors, two countries which have dominated the trading volume for crypto-markets.
Following the crash, Coinbase the popular cryptocurrency trading platform was temporarily disabled due to the high volume of buying and selling.
Despite the drop, bitcoin is still up 1300% for the year. Furthermore, today’s low of $10,894 USD reflects a valuation closer to what we saw at the start of this month possibly indicating a market correction.
Originally published at Hypebeast