Bitcoin price - live updates: Cryptocurrency value drops after brief period of stability
The value of the digital currency has shifted wildly over recent weeks. This article is being regularly updated with the latest changes
Aatif Sulleyman Wednesday 10 January 2018
The value of bitcoin has plunged again after a steady recent rise saw it breach the $17,000 mark.
The cryptocurrency hit a record high when it passed $19,850 in mid-December, but tumbled rapidly, falling to below $12,000 within days.
Its value shifted unpredictably over the following weeks, but has recovered somewhat since the turn of the year.
It is worth $13,835 as of Wednesday morning UK time, according to the Coinbase
A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images
A humanoid robot gestures during a demo at a stall in the Indian Machine Tools Expo, IMTEX/Tooltech 2017 held in Bangalore Getty Images
On Sunday morning, it had been worth more than $17,000.
Its value is down more than 17 per cent from last month, and up more than 1,470 per cent from a year ago.
Recent goings-on have demonstrated just how quickly the situation can change.
The cryptocurrency’s value plummeted ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark.
Bitcoin is notoriously volatile, and its value is expected to continue to shift unpredictably.
Its rise has also led to increasing amounts of interest in alternative cryptocurrencies, such as ethereum, litecoin and XRP.
Naturally, its spectacular rise has coincided with increasing amounts of interest, with more and more people now looking to invest.
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However, there are serious fears that bitcoin has created a bubble that could burst at any moment.
Numerous financial experts are advising potential investors to avoid getting involved with bitcoin, and the SEC has told people to “exercise caution” and be wary of scammers.
However, others are speculating that it could keep rising towards the $1m mark.
Bitcoin only exists online, has no central bank and isn’t linked to or regulated by any state.
An anonymised record of every bitcoin transaction is stored on a huge public ledger known as a blockchain.
However, transactions made with the cryptocurrency are irreversible, which makes investors in bitcoin attractive targets for cybercriminals.
This article is being regularly updated to reflect bitcoin’s latest value.
