How to buy the latest crypto currencies with a fraction of their face value
The value of Bitcoin has dropped to its lowest level in a decade as fears of the crypto-currency bubble have intensified.
The value of a Bitcoin in a foreign currency, as measured by the currency’s official exchange rate, fell from $8,100 on Monday to $6,000 on Tuesday, the lowest level since November 2018.
Bitcoin is now worth about $2,200, compared with $2.3 billion a year ago.
Its biggest market, Hong Kong, has seen its value rise since the cryptocurrency started its global rise in late 2016, but that boom has now ended.
There are about 2.5 billion Bitcoins in circulation globally, but the currency has been traded at a low level as of Tuesday morning, according to CoinDesk’s currency market data.
The move to low value has prompted investors to dump more Bitcoins into alternative cryptocurrencies.
The price of Bitcoin rose to about $6200 on Tuesday from around $5,500 earlier in the day.
That is still down more than $100 from the peak of $9,000 in early January.
The biggest drop in value is in China, where Bitcoin is down almost 60 percent this year, according the People’s Bank of China.
In Japan, Bitcoin has fallen about 30 percent from its peak, while South Korea is down about 10 percent.