Bitcoin plunges—now down 47 percent from December peak [Updated]
Bitcoin's value plunged on Tuesday, falling to $10,300-the lowest value the virtual currency has seen in 2018. Bitcoin's value is down almost 25 percent over the last 24 hours, and down 47 percent from December's all-time high of around $19,500.
Bitcoin's fall was part of a broader crypto-currency selloff. Every major cryptocurrency has suffered double-digit losses over the last 24 hours, according to CoinMarketCap. Ethereum is down 28 percent. Bitcoin Cash is down 31 percent. Litecoin is down 29 percent, while Dash is down 24 percent, and Monero is down 30 percent.
It's hard to say what causes cryptocurrencies to go up or down on any given day. In recent months, Bitcoin and other cryptocurrencies have exhibited classic signs of a speculative bubble, with millions of ordinary investors flooding into the market in hopes of making an easy buck. That helped to push Bitcoin to new heights, but it also heightened the cryptocurrency's already significant volatility.
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