Enlarge (credit: Bitcoincharts.com)
After rocketing to a high above $ 19,500 last Sunday, bitcoin’s price has been steadily dropping this week. Those losses accelerated overnight, with the cryptocurrency falling below $ 13,000.
Bitcoin’s losses come amid a broad cryptocurrency selloff. As of Friday morning, every major cryptocurrency was posting double-digit 24-hour losses. Ethereum is down 28 percent over the last 24 hours, Bitcoin Cash is down 37 percent, and Litecoin is down 32 percent.
Data from CoinMarketCap (credit: Data from CoinMarketCap)
To be fair, all of these currencies—like bitcoin—have seen massive gains in recent weeks. They’re all well above their value at the start of December, to say nothing of values earlier in the year.
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