The price of btc has plummeted below $41,000, a fresh record low for the crypto.
The price of bitcoin plummeted to $40,942 on Sunday and settled at $41,071 as of 10:20 a.m. ET the next day, according to CoinDesk's the Bitcoin Price Index (BPI).
The price of bitcoin has been in free fall since late August, when it reached an all-time high over $5,000. It has dropped more than 70% from that top.
Bitcoin soared about $200 in just a few hours last week after Chinese officials announced intentions to restrict initial coin offers (ICOs), a type of fundraising that is commonly perceived as a method for fraudsters to become wealthy fast. But investors are still not sure that these actions would truly damage ICOs or cryptocurrencies in general.
Altcoins — cryptocurrencies with a value other than bitcoin — have also been hammered hard by the past few weeks and are down more than 50% from their highs last month.
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