Bitcoin heads into Christmas on a slump



The
value of bitcoin over the past week, as of 9 a.m. GMT on
Christmas Day 2017.
Markets
Insider

  • A bitcoin was worth $14,090 at 9.15 a.m. GMT on
    Christmas day.
  • The cryptocurrency has had an extraordinarily volatile
    time recently.
  • Its value has fallen sharply over the past week, and
    has been declining more modestly since.

The price of bitcoin was trending downward on Christmas morning
as the cryptocurrency reeled in the aftermath of its most
volatile period ever.

As of 9.15 a.m. Christmas morning (GMT), bitcoin was valued at
$14,090 according
to data from Markets Insider
.

The cryptocurrency had lost around 1.1% of its value in the past
24 hours.

The movement is a modest lost after much sharper gains earlier in
the week, when bitcoin plummeted from an all-time high of
$19,843.

Its value is down more than 30% in a single week after a sharp
depreciation which began around December 17 and 18.

The currency briefly dipped below $11,000, shedding nearly half
its value in a matter of days.

Bitcoin then rallied above $15,000, but has been sinking since.

Nonetheless, the recent spike and decline still represents an
enormous increase in value over the course of the year.

A bitcoin bought on January 1, 2017 has increased in value more
than twelve-fold, despite the late December drop.

Bitcoin Christmas year chart.PNGBitcoin’s
value from 1 January, 2017 to Christmas Day
2017.
Markets
Insider

The currency is difficult to value with any objective criteria,
and traditional investors remain very wary of it.

Yesterday, Business Insider highlighted a note from investment
analysts at Morgan Stanley, which suggested
that bitcoin may soon have a practical value of nothing
.

Analyst James Faucette highlighted the tiny number, and
declining, number of retailers prepared to exchange bitcoin for
actual goods, which could spell a rocky future.

Get the latest Bitcoin price here.>>

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