Newsflash: Bitcoin Price Plummets Near $12,000, Down 40% from Record High

December 22, 2017 09:23 UTC

Bitcoin price is down nearly 40% from Sunday’s all-time highs near $20,000, falling to a 15-day low near $12,000.

Friday’s early trading session saw bitcoin price drop to low of $12,110 (Bitfinex) at 07:20 (GMT), near levels last seen over two weeks ago on December 7. The figure represents a 39% drop from the all-time high of $19,891 chalked during the weekend.

At press time, bitcoin is trading to the dollar at $12, 641.

Bitcoin’s aggressive gains over the past 30 days where the world’s first cryptocurrency rose from $8,000 to nearly $20,000 had several analysts call for a market correction, particularly with new retail investors swapping their bitcoin back to fiat.

Prolific digital currency investor and CEO of Pantera Capital Dan Morehead predicted earlier this week that bitcoin could fall as much as 50% in the coming days before the close of 2017. The investor, who bought bitcoin when it was trading at $72, is bullish in the long run. “[I]n a year, it’ll be much higher than it is today,” stated Morehead when bitcoin was trading above $18,000.

For now, volatility continues to be the order of the week. Altogether, bitcoin prices are down nearly 25% on the day with the week’s slump wiping out over $110 billion in value since Sunday.

Stay tuned for a detailed analysis, coming up next.

Click here for a real-time bitcoin price chart and here for the current crypto market cap.

Featured image from Shutterstock.

Last modified: December 22, 2017 09:36 UTC

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