Bitcoin backer on what's next for cryptocurrency
Bitcoin’s woes continued with its selloff now the third-biggest it has ever faced.
The oldest cryptocurrency plunged as much as 78 per cent from its intraday high of US$19,666 in December, according to data from exchange Bitstamp. That makes it the biggest retracement since the fallout from the Mt. Gox bankruptcy in 2014 and a dip in 2011 when it was trading below $50.
Bitcoin losses have snowballed since the coin lost its long-term support near US$6,000 last week. It traded as low as US$4,237.09 on Tuesday.