Bitcoin has plunged to new lows amid a horror 72 hours for the cryptocurrency.
Just past 1pm AEDT on Monday, the top-ranked blockchain tanked to a level which hasn’t been seen since December 2020. The coin briefly dipped to $39,235 (US$24,900). It’s the first time BTC has plummeted to under US$25,000 in 18 months, according to Bloomberg. Just an hour later, the coin had recovered slightly, trading at $40,180 (US$25,500). It’s worth noting that still represented a drop of 7 per cent in just 24 hours.
That is still a massive drop from eight months earlier, when bitcoin was worth US$69,000 per token in November. But cryptocurrency is in for a rough couple of weeks as experts warn that the embattled digital tokens haven’t hit anywhere near rock bottom. Last week, an eye-watering $157 billion (US$100b) was wiped from the combined cryptocurrency market capitalisation, according to Forbes. Prominent blockchains suffered a significant hit, including bitcoin, ethereum, BNB, solana, cardano, XRP, dogecoin, polkadot, tron and avalanche.