29 May '17, 11am

Bitcoin correction sees nearly $4 billion wiped off value of the cryptocurrency as price falls 19%

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cryptocurrency's price fall almost 19 percent from its recent record high. On May 24, bitcoin hit an all-time high of $2.791.69. But on Monday, the digital currency was trading at an intra-day high of $2,267.73, marking a more than $520 drop or 18.7 percent decline since the record high, according to data from CoinDesk. "The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange, told CNBC by phone. "I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week." Bitcoin's market cap fell from $40.49 billion on Thursday to around $37.08 billion on Monday, a roughly $3.4 billion decline in value. Last week, Nicola Duke, a techn...

Full article: http://www.cnbc.com/2017/05/29/bitcoin-correction-price-v...

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Bitcoin correction sees nearly $4 billion wiped...

Nearly $4 billion has been wiped off of the value of bitcoin in the past four days after a correction that has seen the cr...

Bitcoin sees $4bn in value wiped out as price of cryptocurrency falls 20%

Bitcoin sees $4bn in value wiped out as price o...

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