Bitcoin slips below $14,000. Thursday evening saw Bitcoin and some other cryptocurrencies suffer a decline in prices. This triggered the price of Bitcoin to drop to below $14,000 on Friday, falling as much as 30 percent from a record high set on Sunday.
According to CoinDesk, Bitcoin plunged more than 17 percent to as low as $13,077.94 from $15,830 in less than 12 hours ago. There were glimpses of hope as Bitcoin recovered to near $14,182 around 11 p.m., ET.
The cause of this sudden price drop is still unknown, but some are pointing to the unstable crypto market in the past few days.
An unstable week
Major digital currencies experienced some sort of price drop this past week. After soaring to a record high on Wednesday, reaching $4,000, Bitcoin cash experienced a loss on Thursday. This price decline affected Bitcoin as well.
Bitcoin cash dropped 26.9 percent to $2,660 as of 1:07 a.m., ET, according to CoinMarketCap. Another digital currency, ethereum, fell 17.3 percent to $719, while litecoin fell 16 percent to $277, the website showed.
Also, a South Korean cryptocurrency exchange was forced into bankruptcy on Wednesday following a cyber attack. San Francisco-based Coinbase, one of the world’s most popular exchanges for trading digital currencies, said it was also investigating its staff over a sudden price surge for “bitcoin cash”.
Ripple stands out
When all the other coins were down, Ripple was the only digital currency trading higher on Friday. It went past the $1 mark and later traded at $1.21, with a market value of $47 billion, the third-largest just behind bitcoin and ethereum, according to CoinMarketCap.
We always expect Bitcoin to recover, having bounced back from several declines of more than 20 percent this year to reach new record highs.