The value of bitcoin plunged this week, amid concerns that trading could be banned in South Korea, but it appears to have stabilised.
The volatile cryptocurrency hit a record high when it passed $19,850 in mid-December, but then tumbled rapidly, falling to below $12,000 within days.
Its value shifted unpredictably over the following weeks, with wild drops and recoveries. But for now it seems to have settled after its crash.
It is worth $11,260 as of Friday afternoon UK time, according to the Coinbase exchange.
Its value is down more than 20 per cent from a week ago and more than 32 per cent from a month ago, but up more than 1,155 per cent from a year ago.
Recent goings-on have demonstrated just how quickly the situation can change for investors.
The cryptocurrency’s value plummeted ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark. It then bounced back.
Bitcoin is notoriously volatile, and its value is expected to continue to shift unpredictably.
Naturally, bitcoin’s spectacular rise has coincided with increasing amounts of interest, with more and more people now looking to invest.
But others are speculating that it could keep rising towards the $1m mark.
Bitcoin only exists online, has no central bank and isn’t linked to or regulated by any state.
An anonymised record of every bitcoin transaction is stored on a huge public ledger known as a blockchain.
However, transactions made with the cryptocurrency are irreversible, which makes investors in bitcoin attractive targets for cybercriminals.
This article is being regularly updated to reflect bitcoin’s latest value.
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