Bitcoin endured another tumble last night, dropping in value from $37,349 (£26,000) to $35,063 (£24,000) – a 6.1 percent drop. Dogecoin and Ethereum also endured slumps – the former saw a drop of 7.8 percent after the price of the memecoin fell from $0.303 at 9.30 pm to $0.300 at 5.50 am.
It comes amid a turbulent period for cryptocurrencies, sparked by Tesla’s decision to stop accepting Bitcoin for payment last month.
CEO Elon Musk had previously announced that the company would accept crypto.
This has caused concerns over how much mainstream use of Bitcoin there will be.
Investor and US Shark Tank judge Kevin O’Leary cast doubt over the future of Bitcoin in January.
He said: “Bitcoin is a nothing-burger. A giant nothing-burger….Not every institution is willing to play ball with it.
“Grown men are going to weep when that happens. You will never see a loss of capital like that ever in your life. It will be brutal. And, I’m just saying you have to get ready for it.”
Despite his scepticism, he did argue there would be “tremendous value” in a global digital…
