Bitcoin is in bits.
Bitcoin has lived up to its risky reputation in the past week, reaching a year-low six days ago. Since then, the value of the crypto-currency has continued to drop.
Across Sunday (25 November), the currency sank lower and lower until 1BTC was worth roughly €3,092. In the following 24 hours, Bitcoin has recovered slightly, with one Bitcoin now worth €3,443, according to Coinbase.
It’s bad news for anybody who has bought Bitcoin in the past year, as the exchange rate graph currently looks like this.
Holders of the currency have seen a severe downturn in fortunes since this time last year, when the currency temporarily reached an all-time high of 1BTC = €16.6.
Though the trends don’t look good for the cryptocurrency, it is still worth significantly more than at any point up until 2017. The digital currency was first made available in 2009.
Furthermore, Bitcoin is becoming increasingly normalised in society. This week, Ohio announced that it would be the first US state to accept tax payments through Bitcoin.
Whether this catches on with other revenue bodies depends on the future health of the currency…
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