The value of bitcoin has dropped to its lowest value in over a year as it moved closer to $3,000.
According to Bitstamp, a crypto exchange that is based in Luxembourg, the world’s biggest cryptocurrency in terms of asset size hit $3,348 last Friday morning. The drop comes after a sell-off that started late last Thursday night that saw its value lose as much as 7.8 percent to drop to its lowest point since September 2017.
It is the most the development in a pitiful period for the biggest digital currency in the world after losing almost nearly of its value since the middle of last month.
Late last month, Bitcoin crashed through the $4,000 barrier amidst global pressure to regulate the cryptocurrency amid the concerns regarding its vulnerability to being used by criminals.
Its most recent crash comes nearly a year after it reached an all-time value peak at almost $20,000, as the investors responded to the news that there will be no bitcoin exchange-traded fund (ETF) in 2018.
Last Thursday, the Securities and Exchange Commission (SEC) of the Unite States chose to delay the plans for a bitcoin ETF. It moved its decision into late February 2019 instead.
The SEC was set to determine a ruling on whether an ETF backed by Van Eck, an investment company, and Solid X, a blockchain firm, could be allowed to list on the options exchange of Chicago, however, it has postponed a decision now for the second time.
It stated: “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.”
The chief market analyst at Think Markets, Naeem Aslam, stated: “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.”
He continued: “Simply put, the bad news keeps coming just like cockroaches coming out of a hole.”
Aslam added that ethereum, bitcoin’s rival cryptocurrency, has lost its potential, falling below $100 to $83 last Friday morning – a decline of 13 percent on its price from the day before.