Bitcoin Price Drops Back Below $9,000

The price of bitcoin, the biggest cryptocurrency in the world, is back below the $9,000 mark after recovering from a major sell-off on Friday which had sent the cryptocurrency falling lower than $8,000.

On Sunday, the cryptocurrency was trading at around $8,500, down by seven percent from its value last Saturday when it had began to stabilise from a major downturn that washed billions from the value of bitcoin late last week.

Concerns over tighter regulation have been blamed for the said sell-off, which has also intensified fears regarding a bitcoin bubble.

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On Friday, a leading economist who predicted the financial crash last 2008 labelled bitcoin as the “mother of all bubbles.”

During an interview with Bloomberg news, a professor of economics at New York University, Nouriel Roubini, slammed the cryptocurrency which had been nearing the $20,000 mark before Christmas, as favoured by “charlatans and swindlers” and said that bitcoin is the “biggest bubble in human history.”

Read also: $44bn Wiped Off From the Value of Bitcoin in January