BITCOIN’S price has plummeted by over $2,000 in the last week as the cryptocurrency now worth less than $9,000 was labelled as “high risk” by a top crypto entrepreneur, it has emerged.
According to market tracker Coinbase, Bitcoin is currently selling for $8,962.30 that marks a dramatic decline of $2,025.46 in the last seven days.
Emil Oldenburg, the co-founder of a Bitcoin exchange website, declared that the cryptocurrency was “virtually unusable” as he revealed that he has “switched to Bitcoin Cash”.
He said: “An investment in bitcoin right now I would say is the riskiest investment you can make.
"It is an extremely high risk. I’ve actually sold all my bitcoins recently and switched to Bitcoin Cash.”
Bitcoin Cash is currently worth $996.36 at the time of writing and has also seen a dramatic decline in the last week.
The virtual currency’s value has fallen by $276.06 in the last seven days - a percentage decrease of 21.7 per cent.
The current downward trend of crypto exemplifies the volatile nature of the market.
Bitcoin’s current value is a stark contrast from the whopping price of $19,535.70 that it reached last year, setting a new record for the virtual currency.
Cryptocurrency price: A year in charts
Tue, January 16, 2018
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
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Bitcoin climbed back above $10,000 Thursday for the first time in two weeks COINMARKETCAP.COM
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Bitcoin climbed back above $10,000 Thursday for the first time in two weeks
Bitcoin climbed back above $10,000 Thursday for the first time in two weeks
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Bitcoin, Ethereum, and Litecoin are showing signs of price stability
Bitcoin cash has rallied more than 96% from recent lows, but remains trapped in a bearish pattern
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Before the current downward trend, crypto markets had seemingly been steadying.