The price of bitcoin has fallen below the $200 mark for first time since January, nearly two months after the virtual currency hit a four-month high due in part to Greece’s financial crisis.
According to the CoinDesk Bitcoin Price Index, the cryptocurrency slumped to $198.23 on 25th August, the first since 18th January that bitcoin fell below the $200 mark.
The index also revealed that the figure is the currency’s lowest value in the last six months, excluding single-day volatility instances.
Bitcoin’s value has fallen dramatically in response to Bitfinex’s decision to close its order book. The bitcoin trading platform, which is currently in Beta mode, blamed the closure on post-trade processing issues.
The figures may come as a surprise to a number of bitcoin enthusiasts, with the virtual currency doing reasonably well in recent months.
In July, the cryptocurrency hit a four-month high of $273, a move that many claimed was brought on by Greece’s economic turmoil.
While the price of bitcoin was rising on 5th July, news broke in Athens that a ‘no’ vote had been cast during its referendum on creditor’s proposals. A large number of Greek citizens were using the virtual currency to pay for items and to complete transactions, as the government had imposed a €60 ATM withdrawal limit via.
Whitepapers
Related reading
Open Banking: Going from regulatory mandate to global scale
Building the infrastructure to make open banking possible Open banking means different things to different people, but one thing is sure: it ... read more
Pandemic boosts P2P platform use
By Shari Krikorian, senior vice president, Mastercard
Tech innovation vital for mitigating airline crisis
The airline and travel sector’s coronavirus crisis may spark tech innovation in the industry, market participants predict. Customers will look to travel ... read more
Bank of England slashes interest rates amid coronavirus outbreak
By Aaran Fronda The Bank of England (BoE) has announced an emergency cut to the base interest rate from 0.75 percent to ... read more
