BITCOIN has dropped in value for seven days in row.
That means it’s hit its longest losing streak since 2018 amid mounting concern from investors.
The popular cryptocurrency is facing its worst price crisis in almost four years.
The last time it saw a slump like this was in August 2018.
It’s lost nearly 40% of its value over the past two months.
Bitcoin was trading at around $69,000 (£51,000) back in November.
After a December crash, Bitcoin was trading at around $50,000 (£34,000).
However, the past week has seen its value decline even further and today it’s valued at just under $41,000 (£30,000) at the time of writing.
It recently hit a new low of $39,771.91, according to Coin Metrics.
There’s concern the current price dip could put an end to hopes that Bitcoin’s value would hit six figures this year.
Bitcoin has seen price slumps after all time price highs in the past and has always recovered.
The current slump is thought to be down to several factors.
These include the the Federal Reserve releasing “hawkish” minutes last week.
Bankers are sometimes referred to as “hawkish” if they announce tightening monetary policy.
The minutes stated that the Fed would be cutting back support for the US economy, which is bad news for riskier assets like crypto.
The crash has also been linked to the US stock market falling, which has been linked to concerns that interest rates are about to rise.
On top of all that, a fifth of the global Bitcoin mining network was taken down due to the current unrest in Kazakhstan.
Kazakstan is one of the largest Bitcoin mining nations in the world along with the US.
The Central Asian country had its internet access cut off last week, which meant the number of computers that were mining Bitcoin dramatically reduced.
Internet access is now said to have returned.
One finance expert thinks Bitcoin’s worth could tank as low $10,000 (£7,400) per coin.
Carol Alexander, professor of finance at Sussex University, previously told CNBC that Bitcoin will “probably crash” in 2022.
The professor warned last year: “If I were an investor now I would think about coming out of Bitcoin soon because its price will probably crash next year.”
She referred to Bitcoin as more of a “toy” than an investment.
Her predictions contrast with those from experts at Goldman Sachs.
Goldman Sachs previously suggested that Bitcoin could reach a staggering value of $100,000 (£74,000) this year.
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