Bitcoin has fallen to its lowest point in more than a year
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Bitcoin is getting demolished — it was down more than 14 per cent overnight to hit its lowest value in more than a year.
The world’s largest cryptocurrency touched a low of $US5,495 a coin, its weakest since October 2017 and a drop of 70 per cent since its high in December.
Widespread selling has been wreaking havoc in the crypto space ahead of a fork in rival cryptocurrency Bitcoin Cash.
Ethereum and Litecoin were both down about 17 per cent at 4pm AEDT yesterday while Bitcoin Cash dropped by 23 per cent, before clawing back a little.
Bitcoin Cash, the fourth-largest cryptocurrency by market cap, is set to experience a hard fork amid a fight that is playing out between its two biggest proponents, Craig Wright and Roger Ver.
“Both Roger and Craig are advocating a different version of Bitcoin Cash,” according to Mati Greenspan, senior market analyst at eToro.
“The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday.”
It has been a tough year for digital currency investors, who saw prices explode in 2017 as cryptomania swept over the world.
Bitcoin began 2017 worth less than $1,000 a coin before soaring more than 2,000 per cent to a high of $19,511 a coin.
This year has been a different story, however, with the cryptocurrency’s value having plunged by 70 per cent.