Bitcoin hit a low of $6,915.55 late Thursday evening; its lowest since Feb. 6, as per CoinDesk’s bitcoin price index. The virtual currency has shaved $1,184.89 off its value in the last 24 hours. The market witnessed dramatic movement BTC marks a fall of 14.91 percent.
A few analysts expect selling in bitcoin and different digital currencies to get towards the mid-April due date to document U.S. Taxes as first-time investors acknowledge they require money to pay increased taxes.
After a gigantic run higher in 2017, digital currencies have fallen strongly with the beginning of the year because of government regulations. The most recent decrease in bitcoin likewise came as a drop in tech stocks has hit securities exchanges this month.
The total value of all cryptocurrencies tracked by CoinMarketCap has fallen by about $550 billion from a high of more than $830 billion in early January, The overall market cap at the time of composing was $264 Billion.
The Bitcoin expert declared that because the cryptocurrency sees the vast majority of its price increases during “a handful of days each year” it makes sense to “buy and hold”.