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Almost $12,000 wiped off value of bitcoin in weekend ‘thumping’
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The value of bitcoin has suffered a “thumping”, losing more than one-fifth of its value at at one point over the weekend before settling below $50,000 (£37,720), only a month after reaching a record high.
The value of the cryptocurrency rose above $68,000 in November and had been predicted to move even higher by the end of the year, amid concern about the value of traditional assets such as gold and government debt.
Some investors and analysts, including the Wall Street bank JP Morgan, have also seen bitcoin as a hedge against inflation, which has begun to take off in large economies including the UK and the US.
But the world’s largest digital currency, which had reached a total market value of $1.1tn before the weekend’s fall, has struggled
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