Bitcoin price falls dramatically as cryptocurrency concerns mount

The value of Bitcoin on Tuesday plunged to its lowest level since November, as concerns about the world’s largest cryptocurrency heightened.

It fell as low as $5,920 earlier, which was down 13% on yesterday and marked the first time it had dropped below $6,000 since mid-November. It peaked at $19,500 in December after an explosive rise in the value of digital coins.

The sell-off of the digital currency came on the same day as the Bank for International Settlements warned that authorities must be prepared to act against the “invasive spread of cryptocurrencies”.

That comes on top of a cocktail of bad news for bitcoin since the start of 2018, including American regulators launching an investigation into whether last year’s price surge had been caused by market manipulation.

This week Virgin Money and Lloyds Banking Group banned customers from buying Bitcoin and other digital currencies with their credit cards. However, Barclays today said its customers can use their cards to purchase crypto-currency legitimately.

Lingerie entrepreneur and bitcoin enthusiast Baroness Mone on Tuesday teamed up with her boyfriend to raise money to launch a new cryptocurrency-powered investment platform.