Bitcoin falls below $5,000 for first time since October 2017

The value of bitcoin slipped Monday below $5,000 for the first time since October 2017 as volatility returned to the cryptocurrency market.

Data compiled by Bloomberg showed the world’s most popular virtual currency losing about 10 per cent of its value from Friday evening to stand at $4,958.36 at 1635 GMT.

It rebounded slightly to trade at $5,065 at 1710 GMT.

The rout on the crypto market began on Wednesday and also affected widely traded currencies such as Ethereum and Ripple.

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Bitcoin opened trading on Wednesday at $6,326 and has since seen its market capitalisation fall to less than $100 million for the first time in over a year.

The still-nascent market is not completely transparent and analysts have struggled to understand what prompted the latest selloff.

Bitcoin’s all-time high of $19,511 was recorded last year on December 18, 2017.