The volatile year for Bitcoin continues.
Fellow cryptocurrency Ethereum took a similar dive today, begging the question, are cryptocurrencies worthwhile investments? (CNBC.com)
Bitcoin was down about 4.3% for the day, while Ethereum slumped 8.3%.
Bitcoin is up more than 150% for the year, fueled in part by Facebook’s announcement of Libra, its cryptocurrency project. Some analysts said Libra was creating more awareness about digital asset classes.
However, Libra has faced heavy scrutiny from politicians and regulators, and Bitcoin is now well below the level of more than $12,600 that it was trading at in July.
Governments around the world are exploring creating their own cryptocurrencies. A senior official for the Chinese government said earlier this month that the country was close to releasing its own digital currency.