$12 billion wiped off value of bitcoin since record high 30 days ago as it floats near one-month low

by Dramelin 6:30 AM 0 comments

Bitcoin hit a near one-month low on Wednesday and has seen more than $12 billion wiped off its value in the last 30 days, amid nervousness in the cryprocurrency market.
The price of bitcoin fell to $2,272.
32, its lowest level since June 15, when it slumped to $2,185.
96, according to data from CoinDesk.
The price did recover on Wednesday slightly to a high of $2,354.
It`s also significantly off the $3,025.
47 all-time high reached on June 11, just over a month ago.
In this timeframe, its market capitalization or value has fallen by $12.
A major pullback is taking place at the moment in the cryptocurrency world after huge rallies.
When bitcoin hit its record high in June, it had seen a more than 600 percent rally since the start of the year.
Even with Wednesday`s fall, it is still up nearly 450 percent year-to-date.
That has raised concerns about the frothiness in the market at the moment, which could be part of the reason for the pullback.
Richard Turnill, BlackRock`s global chief investment strategist, earlier this week warned about a potential bubble in cryptocurrencies.
"I look at the charts, and to me that looks pretty scary," Turnill said, according to a Reuters report.
Cryptocurrency traders are also uncertain with some unsure about the future trading pattern for bitcoin.