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Bitcoin plunges 8 pct to hit a low below 4,000 USD

2018-12-04 17:05

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Bitcoin, the world's largest cryptocurrency, hit a low of 3,790.96 U.S. dollars on Monday, down by 8 percent, according to data from CoinDesk, a digital media and services company for the crypto asset and blockchain technology community.

Bitcoin tumbled to its yearly low in late November to about 3,520 dollars per unit on the markets, before struggling to bounce back above the 4,000-dollar mark during the past week. It dropped more than 30 percent in November.

Monday's low price was down by more than 60 percent from the same day last year. At that time, Bitcoin was well above the 10,000-dollar mark before reaching a high of 19,395.84 dollars in mid-December 2017.

But since the start of this year, Bitcoin has been on a downward trajectory, dropping by a whopping 73 percent. Analysts said the recent sell-off was sparked by a dispute among developers and miners of the rival cryptocurrency, bitching cash.

Other cryptocurrencies also fell on Monday, including XRP, the world's second-largest cryptocurrency, was down by roughly 5 percent, according to CoinMarketCap, another service company for the crypto asset.
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