Bitcoin fell to as low as $6,178 at Bitstamp exchange
Bitcoin now accounts for around 60% of the $240 billion crypto market, down from nearly 90% just over two years ago. That fading dominance reflects tough times for the original cryptocurrency since its late 2017 apex.
There is no real fundamental explanation as to why bitcoin, the original cryptocurrency, hit a 10-month high on Monday.
The quintessential cryptocurrency has gone through a tumultuous phase since hitting a record high of over $19,000 in December 2017, before crashing to a low of nearly $3,100, a year later, in December 2018. However, it has recovered since then, albeit slowly.
The exchange said that its Secure Asset Fund for Users will cover all losses and no user funds will be affected by the breach
Other major cryptocurrencies such as ethereum and Ripple's XRP, their prices often seen as correlated to bitcoin, also moved higher.
Musk is not the only top executive of a company to see potential with Bitcoin.
The news is in stark contrast to his investing acumen, which first came to light when Son's $20 million bet on Alibaba rose to a value of more than $100 billion.
The original and biggest virtual coin climbed as much as 4.5 percent in early trading to top $5,600 briefly, touching its highest since November 18.
The National Development and Reform Commission (NDRC) said on April 8 it was seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate.
It had surged over 13 percent on April 2. At some exchanges, it even crossed $5,000 mark
The gain was not restricted to bitcoin. Other cryptocurrencies have also surged during the day. Ethereum and XRP (Ripple) were up 5 percent each, EOS was up over 8 percent, and Litecoin surged over 10 percent
Bitcoin experienced astonishing growth in 2017 to peak at a record $19,500 by the end of that year.
Cryptocurrencies by their very nature cannot be regulated. The Supreme Court should resist the urge to get involved
Bitcoin will eventually drive values of other major digital currencies, says Nigel Green of deVere Group.
Bitcoin, the original cryptocurrency, has dropped more than 80 percent since hitting an all-time high of nearly $20,000 in December 2017.
While there is no formal declaration by the Indian government on the legalisation of cryptocurrencies, the response has made it clear the government is planning to regulate them
Experts are more interested in various applications of blockchain, bitcoin's underlying technology, rather than bitcoin itself.
Let us trace the Bitcoin story and its recent dramatic turns.
Bitcoin turned 10 this year, but there’s not much to celebrate. Its valuation has tanked to new lows in 2018. It touched its 52-week low of $ 3,585 on November 25
It is clear that India Inc has embarked on its digital transformation journey and is on course to meet the future as the leading strategic trends emerging technologies cease to function in silos and start to converge.
The fall followed a sudden plunge last week that shook bitcoin out of a period of relative stability, where prices had hovered around the $6,500 mark for several months.
Other cryptocurrencies also fell sharply, with Ethereum's ether losing 10 percent and Ripple's XRP down 13 percent in a largely sentiment-driven slide.
As of 0250 GMT, the original cryptocurrency was down to $4,848, after breaching the landmark for the first time since October 12, 2017.
Bitcoin's weakness spread to other cryptocurrencies, with ethereum, the second-largest, dropping to a two-month low.