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Bitcoin crashes to new 2018 low as crypto market continues nosedive

Bitcoin plunged more than 12 percent on Friday, falling below $3,400, its lowest point in over a year. The world’s most popular cryptocurrency is worth six times less than it was last December, when it traded at $20,000.

Bitcoin traded at around $3,389 as of 9:30am GMT on Friday, falling around 12.2 percent in one day, according to the CoinMarketCap website. The digital currency’s market capitalization has dropped by around $4.8 billion over a 24-hour period and is down more than $14 billion in a week. It comes less than a year after Bitcoin was trading at just under $20,000 with more than 330 billion market cap.

Other popular cryptocurrencies were not immune from the crypto market selloff, with XRP and Ethereum suffering more than 10 and 15 percent losses respectively.

The latest plunge comes less than a week after Bitcoin hit another low in more than a year, trading near $3,900 last Wednesday, shedding thousands of virtual coins since then.

The crypto market is suffering “general negative sentiment,” according to Zennon Kapron, director at financial technology consultancy Kapronasia, as cited by CNBC. The analyst warned that the downward trend may continue next year. Other gruesome predictions say that the driving force of the crypto market may crash to around $1,500, Bloomberg reported citing its analyst Mike McGlone.