Economy

Bitcoin slides below $6000

Bitcoin slides below $6000

The average investment size is estimated at $10,000, which exploded in value to $70,000 by the end of the year as Bitcoin, Ethereum and Ripple all achieved all-time highs. Bitcoin has now wiped out about two-thirds of its value since reaching a record in December. As of writing, the world's largest cryptocurrency by market capitalization is changing hands at $6,156, down around 22 percent on a 24-hour basis.

World's most popular cryptocurrency Bitcoin crashed more than 15% on Monday to slump to nearly three month low. Lloyds Banking Group Plc joined a growing number of big credit-card issuers have said they're halting purchases of cryptocurrencies on their cards, including JPMorgan Chase & Co. and Bank of America Corp. Monday's crash also comes amid global clampdown on bitcoin and other cryptocurrencies as concerns continue to swell over legality of digital currencies.

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SEC Chairman Jay Clayton said he supports efforts to bring clarity to cryptocurrency issues and that existing rules weren't designed with such trading in mind, according to prepared remarks for a Senate Banking Committee hearing Tuesday on virtual currencies.

"Bitcoin will pass cryptocurrency crown to Ethereum in 2018", the prediction that created a lot of fuss in December previous year, is also not the case. The total value of all digital currencies has dropped below $300 billion for the first time since late November.