Taarifa Rwanda

Bitcoin Value Drops Significantly In 24 hours

Cryptocurrency enthusiasts are baffled by the sudden deep drop in value of these currencies that have reportedly sunk to a 9-month low.

Market watchers say that the Bitcoin- which is the largest of cryptocurrencies has fallen by 9.8% in value in the last 24hours of trading.

According to Bloomberg composite pricing, the Bitcoin was this morning trading at $6,390, down 8.1%.

Stephen Innes, head of trading for Asia Pacific at Oanda Corp, reacted saying the next key level to watch for Bitcoin is $5,000.

Innes adds that this drop below that threshold may cause losses to accelerate.

This fall in value has happened at a time when there are concerns that broader adoption of digital assets will take longer than some anticipated.

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