Bitcoin’s price plunges amid broad cryptocurrency sell-off

Enlarge (credit: Bitcoincharts.com)

After rocketing to a high above $19,500 last Sunday, bitcoin's price has been steadily dropping this week. Those losses accelerated overnight, with the cryptocurrency falling below $13,000.

Bitcoin's losses come amid a broad cryptocurrency selloff. As of Friday morning, every major cryptocurrency was posting double-digit 24-hour losses. Ethereum is down 28 percent over the last 24 hours, Bitcoin Cash is down 37 percent, and Litecoin is down 32 percent.

Data from CoinMarketCap (credit: Data from CoinMarketCap)

To be fair, all of these currencies-like bitcoin-have seen massive gains in recent weeks. They're all well above their value at the start of December, to say nothing of values earlier in the year.

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