Hopes that Bitcoin was starting to rebound dimmed Monday as the cryptocurrency suffered another steep drop, losing nearly 7% of its value in midday trading.
Bitcoin fell as low as $3,790.96, according to data from CoinMarketCap, before rebounding slightly on Monday.
It’s another bad day in what has been an absolutely miserable stretch for Bitcoin. On Nov. 3, the digital currency was worth $6,351.74. Today, it’s worth 39% less.
Since the beginning of the year, when Bitcoin was worth $14,112, the currency has lost a whopping 73% of its value.
Other cryptocurrencies were also down sharply on Monday.
The drop seems to be tied to some investors losing faith after Bitcoin’s value fell, once again, below $4,000. The spiral coincided with an opinion piece on Marketwatch from Atulya Sarin, professor of finance at Santa Clara University. Sarin posited Bitcoin was entering a “death spiral” and was on the path to “a swift and painful drop to zero”.
Should December continue like November—or even if Bitcoin just treads water for the month—it will end a three-year winning streak for the currency. In 2015, Bitcoin values were up 14% for the year. In 2016, they rose 30% and last year was up 40%.
