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HomeFinanceCity & BusinessBitcoin price latest: Why is BTC falling today? Will it go back down past $10,000?
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Bitcoin price latest: Why is BTC falling today? Will it go back down past $10,000?
BITCOIN was hit by a dip in prices this morning as the value plunged hundreds of dollars in just a few hours. Why is BTC falling today? Will it go back down past $10,000?
By VICKIIE OLIPHANT
PUBLISHED: 14:02, Thu, Feb 22, 2018 | UPDATED: 14:03, Thu, Feb 22, 2018
36
Benjamin Quinlan: Whole of crypto will take a hit by Bitcoin's fall
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As of 3.50pm on February 21, bitcoin dropped below the magic $11,000 figure - recording a price of $10,725.90 and down 7.9 percent.
And on Thursday, the value plunged even lower to $10,029.50 - a loss today of 8.98 percent.
Bitcoin still has a market cap of some £180 billion, leading the way of all the cryptos currently on the market.
But it could soon plunge below the $10,000 amid market volatility.
Bitcoin price news: What is the value of bitcoin today?
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Will bitcoin go back down past $10,000?
After a shocking start to 2018, investors fear the BTC token could fall back behind the $10,000 mark after recovering losses made earlier this month.
Analysts warn a mass bitcoin sell-off is to blame for the crypto crash over the past two days.
The sell-off comes after a cryptocurrency exchange in Japan reportedly experienced a temporary glitch last week that suddenly offered investors any coin for zero dollars.
According to Reuters, it was possible to buy cryptocurrencies for free on the Zaif exchange for about 20 minutes on February 16th.
Bitcoin (BTC)
10,051.60 USD (-6.35%)
RANK
1 MARKET CAP
$169.67 B USD VOLUME (24H)
$8.32 B USD
Powered by CoinMarketCap
Bitcoin priceGETTY
Bitcoin price: BTC is down today
Why is bitcoin falling today?
The cryptocurrency ran into offers above $11,700 yesterday, according to CoinDesk's Bitcoin Price Index (BPI).
But the price of BTC fell backwards to $10,691 last night as it struggled to retain its 2018 high.
The news comes as the Dhaka Tribune in Bangladesh reported a rise in crypto crackdowns, indicating local police are "on the hunt for bitcoin users".
The report claims the government has warned people not to make any transactions using bitcoin.
And according to Bangladesh Bank, "bitcoin is neither accepted nor considered legal tender anywhere in the world" - suggesting it is risky to use this currency.