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Crypto Markets

Bitcoin Drops Below $4,000

The price of bitcoin fell below $4,000 over the weekend, a new low for the digital currency this year as it extends two straight weeks of losses. Bitcoin has lost more than a third of its value this month, a decline set off in part by a split in the fourth-most-valuable cryptocurrency, Bitcoin Cash, and a quickening pace of regulatory action against cryptocurrency companies. As of Monday afternoon, bitcoin was trading at around $3,600.

Cryptocurrency veterans point out that the industry has survived similar bust cycles, such as in 2014, when the liquidation of crypto exchange Mt. Gox sent prices tumbling by about 80%. With the amount of investment pouring into the industry now, this stumble is far from the end for crypto, but a prolonged downturn could force some firms to shut down or consolidate.

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