Bitcoin Drops 40 Percent, Cryptocurrency Market Tumbles

Today, the value of bitcoin fell 40% below $11,000 USD, seeing its first dramatic plunge since hitting record highs between $15,000-$19,000 USD.

Bitcoin Drops 40 Percent, Cryptocurrency Market Tumbles

Today, the value of bitcoin fell 40% below $11,000 USD, seeing its first dramatic plunge since hitting record highs between $15,000-$19,000 USD.

Not surprisingly, other major cryptocurrencies as well as blockchain stocks saw falling prices following the bitcoin trend.

The plummet reflects a decreased demand from South Korean and Japanese investors, two countries which have dominated the trading volume for crypto-markets.

Following the crash, Coinbase the popular cryptocurrency trading platform was temporarily disabled due to the high volume of buying and selling.

Despite the drop, bitcoin is still up 1300% for the year. Furthermore, today’s low of $10,894 USD reflects a valuation closer to what we saw at the start of this month possibly indicating a market correction.

Originally published at Hypebeast

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