The price of bitcoin and other cryptocurrencies declined yet again over the weekend and into Monday, with bitcoin itself plunging another near-10% in value to below the $4,000 threshold in one of its worst weekly selloffs on record.
Bitcoin fell as low as $3,557 at mid-morning on Monday, a drop that pushed the digital currency to one of its worst weekly selloffs on record. Bitcoin has shed roughly a third of its value in the past seven days and has now fallen about 80% since its peak of near-$20,000.
At 3 p.m. ET, the price of bitcoin had recovered somewhat to $3,815, down just over 5%.
A split in the cryptocurrency Bitcoin Cash into two versions last week have been among several factors contributing to the selloff, according to market watchers.
Speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings, or ICOs -- the method in which digital currency creators offer investors units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like Bitcoin or Ethereum -- has also spurred declines.
The declines stand in contrast to its year-ago performance, when the cryptocurrency surged to an all-time high of $19,511. It declined back to $13,500 at the start of this year and then hovered around the $6,400 mark through much of October before prices started to dip again in early November.
Other major cryptocurrencies showed a mixed performance mid-afternoon Monday, with Ethereum down .3%, or 33 cents, to 1.2%, or $1.31, to $108.96, and Litecoin up 4%, or $1.223 to $30, according to CoinDesk. Bitcoin cash was up almost 8%, or $15.31, to $203.03.
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