Value of bitcoin falls below $100bn

BITCOIN’S market capitalisation fell below $100 billion for the first time in over a year today, with prices falling below $5,400 as the cryptocurrency sell-off continued overnight in Asia.

It was Bitcoin’s first fall below the $5,600 price this year, as the digital currency settled down around 11% on the day. The decline spread across the broader cryptocurrency market, with the sector dropping from a total value of $210 billion yesterday to almost $180 billion overnight, according to the analysts CoinMarketCap.

Other cryptocurrencies followed the trend, with Ethereum down 13% and Bitcoin Cash also seeing major losses, down around 16%.

Analysts believe the falling values are due to uncertainty over Bitcoin cash’s “hard fork” — essentially a software upgrade — that is scheduled to take place in what is currently the fourth-largest digital currency.