Gold Silver Reports – Bitcoin slid to as low as $9,000 on Thursday, having lost more than a fifth of its value since hitting an all-time high of $11,395 on Wednesday.
The cryptocurrency fell as much as 8% on Thursday on the Luxembourg-based Bitstamp exchange to hit $9,000 exactly, marking a fall of well over $2,000 in under 24 hours. It then edged back up to trade at around $9,200 a few minutes later, still down over 6% on the day.
The fall tempers an astronomical rise for the cryptocurrency in recent months—bitcoin was up almost 1100% year-to-date on Wednesday. As of 1400 GMT on Thursday, it was still up around 850%.
Its rapid ascent has prompted warnings from a stream of prominent investors that it had reached bubble territory, while Bank of England deputy governor on Wednesday said investors should “do their homework” before investing in the digital currency.
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Its fall on Thursday dragged down the prices of other cryptocurrencies in its wake, with Ethereum, bitcoin’s biggest rival, falling as much as 19% on the day, according to trade website Coinmarketcap. – Neal Bhai Reports
