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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.