Bitcoin falls over 7 percent, moving towards a one-year low

Bitcoin headed towards a one-year low in a broad-based selloff in cryptocurrencies as it fell 7 per cent on Friday.

In the late morning trade, the cryptocurrency which is the world’s biggest and famous digital currency fell to USD 3,920.35, heading towards a September 2017 low of USD 3,474.73 hit on Sunday. Cryptocurrencies such as Ethereum’s ether and Ripple’s XRP also weakened.

In recent weeks Bitcoin and other cryptocurrencies have been mauled, with analysts citing increased US regulatory scrutiny and a delay to January 2019 of the widely-anticipated launch of bitcoin futures by Bakkt, Intercontinental Exchange’s crypto platform have fueled the downturn.

Last week Bitcoin jumped more than 6 per cent, rising above $4,000 and heading for its biggest daily jump since July as it clawed background following the recent heavy trading.

The Bitcoin has lost more than 70 per cent of its value this year.