Bitcoin Nosedives 29% From Last Week’s All-Time High

Bitcoin Nosedives 29% From Last Week’s All-Time High.

Bitcoin tumbled as much as 9.5% last Friday and is now trading at US$5,948­ – marking a 29% drop from its record high of US$7,882 on 8 November – as investors pumped money into rival cryptocurrency bitcoin cash, which has risen nearly 40% since Friday, according to Bloomberg.

Bitcoin’s price plunge occurred in the wake of the cancellation of a planned technology upgrade for the digital currency last week, as proponents of the upgrade “are now switching support to bitcoin cash,” explained Mike Kayamori, head of Tokyo-based bitcoin exchange Quoine.

“There’s a panic about what’s happening. People shouldn’t panic. Just hold on to both coins until we see how it plays out,” he added.
Bitcoin has risen around 800% so far this year.

This article was originally published by WEALTH, Asia’s marketplace for investors.

Written by Poppy Skinner

Poppy covers a wide range of topics at Billionaire, having spent the past 13 years at companies including Singapore Tatler, Her World Plus and Harpers Bazaar UK. She has a passion for fashion, jewellery and travel as well as an avaricious fascination with crime novels. Follow her at poppypskinner on Instagram.