The Price of Bitcoin is Fluctuating

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The price of bitcoin continues to yo-yo following a particularly tough month for the notoriously volatile cryptocurrency.

On Sunday morning, the price of bitcoin plunged back to below $8,000 after temporarily surpassing the $9,000 mark earlier last Saturday, the latter being recorded as the week high.

The world’s largest cryptocurrency has already lost more than half of its value since achieving an all-time high of over $19,000 at the end of the previous year.

In recent weeks, bitcoin has landed in the sights of regulators, discouraging some of the potential investors.

Last week, Lloyds became the first major bank in the United Kingdom to impose a ban the purchase of bitcoin with its credit cards. And Irish banks are the newest to be announced to be monitoring the situation of the cryptocurrency, following on the footsteps of other banks in the United Kingdom.

Read more: Bitcoin and Other Cryptocurrency Credit Card Purchases Banned by Lloyds Bank

An official from the European Central Bank called it a gold rush with no gold, while finance heads in France and Germany called for a crackdown.