Bitcoin Price in Freefall

Bitcoin Price in Freefall
The cryptocurrency has lost over $12,000 in value since the beginning of the year.

(CCM) — The bottom appears to have fallen out of the cryptocurrency market with Bitcoin losing almost $1,000 in just twenty four hours.

The slump has affected other cryptocurrencies just as severely: Litecoin and Bitcoin Cash have both dropped by more than 4%, while Ethereum's price as plummeted by 20% to its lowest level this year, according to a Business Insider report.

There is no obvious single event that precipitated the price collapse, which started on Wednesday. But it was likely exacerbated by a separate Business Insider report which said that Goldman Sachs has shelved its plans to launch a Bitcoin trading desk.

The value of Bitcoin has now fallen by about 65% since its peak on Dec. 17, 2017, when it reached $19,783.21. But it is above this year's low of $5,826 which was recorded on Jun. 24, 2018, following when the cryptocurrency staged a tentative price recovery.

Last year the Securities Exchange Commission (SEC) warned investors that some coins issued in initial coin offerings (ICOs) would be considered as securities and therefore subject to federal security laws, which is thought to have contributed to the overall collapse of the cryptocurrency market since the beginning of 2018.

Image: © vonDUCK -