Bitcoin continued to slide to a fresh 2018 low this morning, surpassing last week’s crash as the effect of bitcoin cash’s split weighed heavily on cryptocurrencies.
The world’s largest cryptocurrency by volume dropped to $5,173.23 by 8:30am, while ripple and ethereum also fell to yearly lows of $0.46 and $151.75 respectively.
The move marks bitcoin’s lowest value since October last year, and is now down more than 70 per cent since the height of the cryptocurrency bubble in December 2017.
The slide began last week, as bitcoin fell below the $100bn market capitalisation for the first time since the bubble. It is largely attributed to uncertainty in the market following the so-called hard fork of bitcoin cash, which is split into two new currencies: bitcoin ABC and bitcoin SV.
Bitcoin cash itself was forked away from bitcoin in August last year, over disagreements on how to scale the digital asset.