Bitcoin had a huge boom throughout 2017, creeping up above the $1000 mark in January last year and hitting as high as $20,000 in December. However, it looks like the last couple of weeks have seen a change, with Bitcoin dropping below the $10,000 mark today, a 50 percent drop following its peak just a month ago.
According to CoinDesk, Bitcoin opened trading at $11,348 in value today but has dropped down to $9,702. This has had a knock-on effect to other cryptocurrencies, with Ethereum Bitcoin Cash, Litecoin and Iota all seeing drops too.
Bitcoin has seen its share of peaks and troughs over the years but dipping from $20,000 to less than $10,000 in a matter of weeks was certainly unexpected. This all comes as more countries have begun proposing stricter rules on cryptocurrencies. Late last year, the UK and EU announced plans to introduce legislation, meanwhile South Korea has recently proposed tighter rules too.
Beyond that, Bitcoin has seen its share of bad press, with some claiming it to be a vehicle for money laundering and illicit activities. It seems that this has all piled on, pushing the overall value down by a large margin.
KitGuru Says: It looks like a lot of people have been dumping their Bitcoin over the last few weeks, leading to the 50 percent drop we have seen this month. Whether or not Bitcoin will bounce back to its peak levels remains to be seen.