Bitcoin price drops 29% in four days
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.