Bitcoin plummeted beneath $10,000 this morning as the value of most major cryptocurrencies nosedived. In December last year, the world’s most famous cryptocurrency surged to a high of almost $20,000 before slumping in January during a grim ‘cryptopocalypse’. Now the value of Bitcoin has plunged to about $9,990, dragging almost all of the other top 100 cryptocurrencies down with it. Ripple dropped beneath $1 after losing 10 percent of its value in a day, while Ethereum hit a low of just over $800 after also slipping by 10% and Litecoin dropped by the same percentage to a low of about $190.
Yesterday, we reported on analysis which showed a massive selloff was to blame for a drop in the price of Bitcoin. So what’s to blame for the latest slump and will prices recover? Trevor Gerszt, CEO of the investment firm CoinIRA, said: ‘Bitcoin’s drop back below $10,000 was likely the result of profit-taking. ‘Many investors bought the dip earlier this year when Bitcoin dropped below $6,000, so flirting with $12,000 allowed them to nearly double their returns in a very short amount of time.