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Bitcoin Price Crash Sees $10,000 Wiped Off Its Value

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Bitcoin Price Crash Sees $10,000 Wiped Off Its Value

Bitcoin's value has taken a $10,000 (£7,120) dive in just a few hours following several weeks of gains.

The cryptocurrency hit record highs earlier this month, but it saw its value fall below $50,000 (£35,580) today.

Its fall came just hours after it set a new high when it topped $58,000 (£41,230) on Sunday - despite its recent drop Bitcoin is still trading higher than it was this time last week due to its recent rise.

Credit: PA
Credit: PA
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To give that some context - just one year ago the price of Bitcoin stood at $9,500 (£6,761), then $11,800 (£8,396) six months ago, $17,000 (£12,097) three months ago, and now it has reached $50,000.

Bitcoin wasn't the only cryptocurrency to see some big dips, with dogecoin, cardano and Ethereum (ether) also dropping.

Bitcoin has seen unprecedented rises this month, shortly after Tesla announced it was investing $1.5 billion (£1,095,892,500) in the cryptocurrency.

In a filing at the United States Securities and Exchange Commission (SEC), Tesla said it had bought Bitcoin for 'more flexibility to further diversify and maximise returns on our cash'.

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Tesla also announced it would start accepting Bitcoin as a payment for its electric cars.

The filing added: "Moreover, we expect to begin accepting Bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt."

Shortly after the news was made public, Bitcoin hit an all-time high of $43,730 (£31,086), but this has been bettered several times since.

As recently as yesterday, Bitcoin had risen in price to $58,000.

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Last week, Tesla boss Elon Musk said that holding Bitcoin was 'slightly better' than holding cash.

Posting on Twitter, he wrote: "However, when fiat currency has negative real interest, only a fool wouldn't look elsewhere."

Credit: PA
Credit: PA

Musk added: "Bitcoin is almost as bs as fiat money. The key word is 'almost'."

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And the billionaire has also revealed he'd be happy to get paid in Bitcoin.

He made the comment when responding to a tweet by Ben Mezrich, the author behind The Accidental Billionaires (which was adapted as the film The Social Network in 2010) and Bitcoin Billionaires.

Mezrich's tweet read: "I'm never turning down getting paid in bitcoin again."

To which Musk replied: "Me neither."

Featured Image Credit: PA

Topics: Bitcoin

Claire Reid
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