The dip comes after a period of welcomed stability for the notoriously volatile cryptocurrency market. Bitcoin had been steadily trading in the $6,400 range in October, which seemed even more remarkable against the backdrop of a troubled US stock market. But it all came to an end last week when Bitcoin dropped by 9 percent to a low of $5,390, according to CNBC. Bloomberg says the decline coincides with a "hard fork" in Bitcoin Cash -- which split into two versions last week, "Bitcoin ABC" and "Bitcoin SV". Rival currencies Ethereum and XRP also suffered dips as a result of uncertainty in crypto markets. Now Bitcoin is even lower than its price before its big spike, when it hit a peak of almost $19,000 last December, forcing everyone to take notice. Four weeks later it tumbled to below $10,000. With interest waning, the good news is you don't have to explain what Bitcoin is to your family over the holidays. But if you do get cornered by a crypto-evangelist this Thanksgiving, you can still point them in the direction of HTC's Blockchain smartphone or Hublot's luxury watch that can only be purchased with Bitcoin.
Bitcoin has fallen to below $ 5,000 , its lowest value in over 12 months , with losses now totalling more than 10 % for the recession , according to CoinDesk . The recession follows a relatively stable period for the cryptocurrency market , which had seen bitcoin trading in the $ 500 range during October . However , a 9 % drop occurred last week , coinciding with a " hard fall " in bitcoin cash , dropping the cryptocurrency ’s value to even lower than its price before its major spike at the end of 2017 .