Bitcoin slides below $2,000 as cryptocurrency selloff continues
The price of the digital currency bitcoin fell over the weekend, dropping below $2,000 and farther away from its June highs, part of a broad selloff in dozens of cryptocurrencies, including ether.
Bitcoin on Sunday traded as low as $1,836, according to news and research site CoinDesk, down about 8% on the day, and almost 40% from its high of $3,018 on June 11. Meanwhile, ether, the currency used on the Ethereum network, traded as low as $155 on Sunday, down about 60% from its high of $395 on June 13.
Prices were lower across the board on Sunday, most notably for the tokens created via the so-called initial coin offering, or ICO, process.
The selloffs are yet another stark reminder that for all the potential and promise in these new kinds of digital assets, they remain highly speculative trading vehicles. The markets around them are still relatively immature and illiquid, resulting in extremely volatile trading.