Bitcoin sees $4 billion in value wiped out as price of cryptocurrency falls 20%

The price of the world’s most popular cryptocurrency bitcoin has lost over a fifth of its value from the record high of last week.  On Monday, bitcoin was trading at $2,179, down $612 from last Wednesday’s all-time high of $2,791, according to CoinDesk data. “The correction was actually quite brief, the prices today are still higher than that of a week ago,” Bobby

Lee, CEO of BTCC, a major bitcoin exchange, told CNBC. “I think the pullback was just a profit taking, a correction from the skyrocketing prices of last week,” he added. Bitcoin’s market cap fell from $40.49 billion on Thursday to $36.48 billion. Analysts’ forecasts for bitcoin differ significantly. While some predict a major correction, others say it’s going to hit $6,000. READ MORE