Bit­coin price drops 29% in four days

Tehran Times - - ECONOMY -

Bit­coin has crashed by more than a fifth af­ter plans to al­ter the un­der­ly­ing tech­nol­ogy were aban­doned, lead­ing some to em­brace a ri­val cryp­tocur­rency.

The price of one bit­coin dropped from a high of over $7,800 (£6,000) last Wed­nes­day to just over $5,500 on Sun­day morn­ing, a drop of 29pc in four days. By Mon­day morn­ing it had re­cov­ered slightly to trade at $6,400, 21pc down from last week›s peak.

The vi­o­lent swings are likely to em­bolden crit­ics of the vir­tual cur­rency, who view it as in­her­ently un­sta­ble and say it is in the late stages of a fi­nan­cial bub­ble.

The fall comes af­ter pro­pos­als to up­grade the bit­coin net­work in an at­tempt to in­crease the speed of trans­ac­tions were shelved last week amid floun­der­ing sup­port.

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