Bitcoin continues to drop after record high

After reaching the record of $20,000 last week, the price of bitcoin has fallen to less than $13,080 this morning

22 December 2017, 9:20am

1 min read

The price of bitcoin has plunged by another 18% following the latest drop on Wednesday, which means that it is down by over 30% since the cryptocurency reached the record peak of $20,000 last week.

Bitcoin is "the most risky investment you can make" according to Emil Oldenberg, the co-founder of Bitcoin.com, who has since switched to the rival Bitcoin Cash.

Coinbase, the biggest platform for buying and selling bitcoin, announced on Wednesday that it will be supporting Bitcoin Cash.

An update on Bitcoin Cash for our customers: sends and receives are functional.

Buys and sells on https://t.co/bCG11KMQ6s and in our mobile apps will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will happen tomorrow. https://t.co/8obYSZB1NK
— Coinbase (@coinbase) December 20, 2017

However, despite the drops on this week, the cryptocurrency has seen staggering increases this year, with the original bitcoin up by 1,300% since the begining of the year.