Other cryptocurrencies also post steep declines in a matter of hours
The price of bitcoin continued its weeklong slump Thursday night, dropping more than $2,100 in a matter of hours. The cyrptocurrency is down more than 28% from its all-time high above $19,500 on Sunday.
Bitcoin BTCUSD, -19.48% was last trading at $13,694, down more than 12% after peaking at $15,830 earlier in the day. Bitcoin futures BTCF8, -17.74% on the CME were down for a fourth straight session, off almost 10% at $13,390, and are down about 22% this week.
Other leading cryptocurrencies were also hit hard Thursday night, with ether — which runs on the Ethereum network — down about 8% to $758 and bitcoin’s rival spinoff, bitcoin cash, down more than 20% to $2,969, according to CoinMarketCap.com.
The steep plunge Thursday coincided with the start of the Asian trading day, a pattern reflected throughout the week. One reason for the Asian selloff may be worries following Tuesday’s hack of a bitcoin exchange in South Korea — possibly by North Korea — resulting in Youbit exchange owner Yaipan losing about 17% of its total assets. Some have speculated that Asian buyers had been fueling bitcoin’s rapid ascent in recent months.
On Tuesday, bitcoin fell more than $2,500 at one point before recovering somewhat after Coinbase announced it would start trading bitcoin cash.