Published On: Fri, May 18th, 2018

Bitcoin price latest: Cryptocurrency falls – latest finance news | City & Business | Finance

Last night bitcoin hit sub-$8,000 for the first time since mid-April, far below its summer peak of $9.826.

At roughly midnight, bitcoin value dropped to $7,962, according to Coindesk.

At 5am it rallied slightly to $8,044 before plummeting again to $7,962 at 8am.

It has since rallied once again to $8,122 but the uncertainty has left investors rattled.

However despite the falling markets this week, BitMex CEO Arthur Hayes predicted Bitcoin will be at “$50,000 by the end of the year”..

The former Citigroup trader told CNBC: “It’s my job to make predictions – whether or not they are right or wrong – it doesn’t really matter to me.

“I’m a volatility trader at the end of the day. We make our money if its volatile.

“If it goes up, if it goes down, if you have Bill Gates calling it a fraud, great. Short it. I don’t care.

“Or if you think it is going to be a million dollars in a few months, great, buy it.

“We just match trades.”

Today’s erraticism marks a jarring contrast to the bitcoin boom of late-2017 and early-2018.

From October to December the value of bitcoin soared from $4,309 to $19,304 – a staggering 450% increase.

Coindesk currently values bitcoin at $8,126.

It comes after bitcoin failed to make the top-ten list of public blockchains put together by the Chinese government.

The index was created and released by the China Center for Information Industry Development, part of the Ministry of Industry and Information Technology in Beijing.

It evaluates the technological capability, usefulness of the application, and innovativeness of the project.

Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet.

Ethereum, whose currency is called ether, garnered an overall score of 129.4.

It has the become the foundation for many initial coin offerings, in which start-ups create their own digital currencies and sell them to investors to generate financing for their projects.

Bitcoin, founded nearly 10 years ago, had a rating of 88 and came in at No. 13.

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