Bitcoin drops to half its peak price in a month

Bitcoin fell below $10,000 on Wednesday, halving in value from its peak price. The value of one bitcoin fell to $9,958 before making a slight recovery, according to a price index run by the news site Coindesk.

Bitcoin had a stellar year in 2017, starting at around $800 and steadily gaining value, before touching an all-time high of $19,783 on December 17th. The cryptocurrency's price was buoyed as more and more investors poured money into the hype, with some even reportedly taking out mortgages for funds to invest.

While there's no immediate reason for today’s dip, bitcoin has been falling over the past week. Investor sentiment may have also been hit after Bitconnect, a platform for virtual currencies, announced it's shutting down its exchange platform because of bad press, two cease and desist letters, and DDoS attacks. Bitconnect has also been accused of being a Ponzi scheme.

All of the major cryptocurrencies suffered double-digit falls on Tuesday in what commentators described as a cryptocurrency "bloodbath." The sell-off was thought to be triggered by concerns about regulation in the Asian market.

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