Bitcoin price hits 2018 low but cryptocurrency market shows signs of recovery

Bitcoin has crashed below $6,000 (£4,531) to reach its lowest value in almost eight months, as investors continue to react to recent allegations of price manipulation.

The world’s most valuable cryptocurrency dropped to $5,826 on Sunday, 24 June, according to CoinMarketCap, but has since seen a modest recovery to return above $6,000.

The price fall was reflected across the cryptocurrency markets, with ethereum, Bitcoin cash and ripple all dropping by between 10 and 20 per cent over the last week. All of the major cryptocurrencies have seen slight price gains of between 3 and 10 percent over the last 24 hours.

Bitcoin’s volatile history in pictures

1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’

Reuters

2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of $90 million at today’s prices

Lazlo Hanyecz

3/8 Silk Road opens for business

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for Bitcoin

4/8 The first Bitcoin ATM appears

On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange Bitcoins for cash

REUTERS/Dimitris Michalakis

5/8 The fall of MtGox

The world’s biggest Bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers Bitcoins. At the time, this was around 7 per cent of all Bitcoins and the market inevitably crashed

Getty Images

6/8 Would the real Satoshi Nakamoto please stand up

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

7/8 Bitcoin’s big split

On 1 August, 2017, an unresolvable dispute within the Bitcoin community saw the network split. The fork of Bitcoin‘s underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

8/8 Bitcoin’s price sky rockets

Towards the end of 2017, the price of Bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’

Reuters

2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of…

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