Bitcoin value took a dramatic dive Thursday with the cryptocurrency’s value falling by as much as 18% to $820 per coin, according to Business Insider.
Bitcoin made headlines earlier this week when the cryptocurrency value surpassed $1000, its highest valuation since 2013, but Bitcoin traders didn’t enjoy the sudden increase for too long as the price began to fall rapidly. By 8AM EST on Thursday a single coin was valued at $892.
Business Insider claims Bitcoin’s sudden rise in value can be attributed to China where the national currency, the Yuan, has steadily been declining, leading to renewed interest in Bitcoin. The Yuan, however, rose dramatically recently, leading to the devaluation of Bitcoin.
Many were surprised by this sudden crash and panicked, leading to more coins being sold off.