World Economy

Bitcoin Tumbles 40 Percent

Bitcoin Tumbles 40 PercentBitcoin Tumbles 40 Percent

Bitcoin prices plunged by a quarter on Friday as investors cashed out just before Christmas after the wildly volatile currency’s stratospheric rise in recent weeks, AFP reported. The precipitous drop comes after a series of warnings by analysts and governments about a bubble that could burst at any moment as investors, many inexperienced, piled into the unit hoping to enjoy some of the eye-watering gains. The controversial cryptocurrency fell to $12,191 from its Thursday price of $16,563. It is down almost 40% down from its record high of $19,500 seen on Monday, according to data compiled by Bloomberg. The sell-off has bled through to other cryptocurrencies such as Dash, Litecoin and Ripple, all of which were sent plunging. Stephen Innes, head of trading for Asia Pacific at OANDA, said investors are having a “reality check”. He added: “At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.”


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