This latest rocky patch for bitcoin is thought to have been triggered by rumours that the Tether cryptocurrency has been artificially raising its value. Owned by trading company Bitfinex, Tether has been criticised by financial bloggers who claim it has been plucked from thin air to boost the value of bitcoin.
Another reason for bitcoins woes could be a spate of recent hacks and threats from a number of governments that crypto trading could soon be heavily regulated. There have been recent news about countries such as South Korea and China which have been enforcing strong resistance to the adoption of Bitcoin as an accepted currency.
Lastly, there have also been news about Bitcoin being prone to hackers which could question Bitcoin's safety as an investment. It was revealed last week that hackers have been exploiting YouTubes advertising service by targeting users to mine cryptocurrencies, including bitcoin.