In what is becoming a recurring trend, bitcoin is once again exhibiting rapid fluctuations in value. The currency today hit an approximate loss of 48% compared to its all-time high value of $19,500 just a little over a month ago as it briefly dipped below $10,000.
The last time the currency cost $10,000 was near the end of November last year, before the cryptocurrency's rapid, and almost inexplicable, rise in December. Toward the end of the year, the cryptocurrency had a downward trend, before stabilising and even picking up in value at the start of the year. Reaching a relatively high value of $17,000 ten days ago, the currency has continued in an overall downward spiral since.
Other major cryptocurrencies have also been hit with double-digit falls in the past 24 hours, with Ethereum, Bitcoin Cash, Litecoin, and Monero all receding in value in the range of 15-25%.
The exact cause of these fluctuations is, of course, anyone's guess, though recent rumours of a cryptocurrency ban in South Korea may have contributed to apprehension in the market. The East Asian country has now clarified that such a ban will not go into place in the near future, while similar rumblings are now being heard with regard to its neighbour, and the largest contributor to bitcoin mining in the world, China.
In the hours since, the virtual currency has recovered slightly to reach a valuation of $11,652 at the time of writing, further emphasising the recent increase in its volatility whereby a $1,000 change in value that used to be a headline is now par for the course for but a few hours of trading in the world of bitcoin.