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Bitcoin price hits lowest point since November as 2018 crash continues


Bitcoin is having a terrible time at the moment (Picture: Shutterstock)

Bitcoin has fallen below $9,000 and reached its lowest value since November 2017 as the digital currency continues to struggle.

After an incredible end to 2017, which saw Bitcoin reach nearly $20,000, it has been a disastrous start to the new year, dropping over 55% since that December high.

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It is not the first time a drop of this enormity has happened and Bitcoin has been known to bounce back from such adversity in the past.

Charlie Bilello, director of research at New York advisory firm Pension Partners, confirmed that Bitcoin has suffered five peak-to-trough declines of more than 70% apiece in its history, recovering from each of the previous crashes.

Bitcoin price hits lowest point since November as 2018 crash continues
2018 has not been good so far for cryptocurrency investors (Picture: Getty Images)

It is not just Bitcoin that is foundering in 2018, with Ripple also crashing from its peak in early January, whilst Ethereum appears more volatile, but is also on a significant decline.

Ripple’s current price of $0.70 is the lowest since December 14 of last year and an enormous drop from the January 4 pinnacle of $3.46.

Ethereum reached $1,358.45 on January 14 and after significant troughs and peaks, is way down at $827.67 on February 2.

Bitcoin price hits lowest point since November as 2018 crash continues
Bitcoin three month price chart (Picture: CoinDesk)

The increased government regulation of cryptocurrencies in Asian markets is thought to be behind the fall in value as investors sell off their crypto assets.

South Korea has brought in legislation affecting the bitcoin market, whilst China has closed some cryptocurrency exchanges.

India is the latest country to act as it makes moves to curb the use of bitcoin for illegal activity.

Bitcoin price hits lowest point since November as 2018 crash continues
Bitcoin one week price chart (Picture: CoinDesk

Bitcoin, Ethereum and Ripple remain the top three cryptocurrencies on the market as nearly every single one of their contemporaries are also struggling.

According to CoinMarketCap.com, only one of the top 100 cryptocrrencies has increased in value over the last seven days – DigixDao – which has reached number 30 in the charts.

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