Bitcoin has fallen to a record low for 2018, falling below $3,300 on Friday.
According to CoinDesk, bitcoin price data plummeted 11% in the past 24 hours dropping to lows of $3,293.31.
The cryptocurrency has fallen over 80% from all-time highs of almost $20,000.
Naeem Aslam, the chief market analyst at Think Markets, said: “The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2,000 mark but with this kind of momentum behind it, the price can test the $1,500 level.”
“Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”
Cryptocurrencies are a controversial form of currency since their entrance into the mainstream finance scene, given their unregulated nature.
Government officials and financial institutions have expressed concerns over its decentralised nature.
JP Morgan Boss (NYSE: JPM) Jamie Dimon famously said that it was a “fraud” only fit for use by drug dealers, murderers and “people living in places such as North Korea”.
Bank of England Governor Mark Carney has also called for a crackdown, saying: “Authorities are rightly concerned that given their inefficiency and anonymity, one of the main reasons for their use is to shield illicit activities. This cannot be condoned. Anarchy may reign on the dark web, but in the UK it’s just a song that your parents used to listen to.”
Following the fresh low, it seems that the so-called ‘Bitcoin Bubble’ has well and truly burst.
