Bitcoin has plummeted to below $5,000, its lowest value in over a year, amid drops for the world’s leading cryptocurrencies. Its value currently stands at $4,463 (as of 04:32AM ET), while its losses for the past week now total 16 percent and more than 65 percent for the year, according to CoinDesk.
The dip comes after a period of welcomed stability for the notoriously volatile cryptocurrency market. Bitcoin had been steadily trading in the $6,400 range in October, which seemed even more remarkable against the backdrop of a troubled US stock market. But it all came to an end last week when Bitcoin dropped by 9 percent to a low of $5,390, according to CNBC.
Bloomberg says the decline coincides with a “hard fork” in Bitcoin Cash — which split into two versions last week, “Bitcoin ABC” and “Bitcoin SV”. Rival currencies Ethereum and XRM also suffered dips as a result of uncertainty in crypto markets. Now Bitcoin is even lower than its price before its big spike, when it hit a peak of almost $19,000 last December, forcing everyone to take notice. Four weeks later it tumbled to below $10,000.
With interest waning, the good news is you don’t have to explain what Bitcoin is to your family over the holidays. But if you do get cornered by a crypto-evangelist this Thanksgiving, you can still point them in the direction of HTC’s Blockchain smartphone or Hublot’s luxury watch that can only be purchased with Bitcoin.