Bitcoin’s BTC token hit rock bottom on Wednesday, striking out at $9,402.29 (£6,774.26) around 3.39pm – bitcoin’s lowest price since November, according to CoinMarketCap data.
The popular token was also dealt a crushing blow to its market capitalisation value, dropping $83billion (£59.8billion) since Monday.
Analysts believe the crash was triggered by fears of South Korean regulators banning crypto trade, which in turn sparked a rapid sell-off of various digital currencies.
But a pair of London-based economists seemingly confirmed investors’ worries, decrying the crash as the start of a bigger bitcoin bubble about to burst.