Bitcoin just hit a new low for 2018.
After a terrible week, the world’s largest cryptocurrency fell to $3,447.58. The currency has struggled to recover from an abrupt downturn in the middle of November, when it plummeted from $6,000 to the $4,000 range. The currency has lost 35% in value over the past seven days and hit its lowest level since September 2017.
A year ago, Bitcoin was worth $19,666. Sunday’s low represents an 82% decline from that high point. Its recent decline has brought other cryptocurrencies down with it, and low trading volumes increase the risk of trades by large coin holders, potentially triggering large-scale, automatic sell-offs.
But there’s evidence that we may not have seen the bottom of this market quite yet. Stephen Innes, head of trading for Asia Pacific at Oanda, said last week that there are still a lot of people in the Bitcoin market, but that might change as the price gets closer to $3,000. He predicted Bitcoin could fall to $2,500 by January.
Still, the picture isn’t all bleak. Ohio just passed legislation that allows businesses to pay their taxes with Bitcoin. According to the Wall Street Journal, the move will give Bitcoin the “tacit approval” it has so far lacked from governments, while still not making it legal tender.