Bitcoin plunges as much as 16% to below $4,100, a new low for the year

Bitcoin plunges as much as 16% to below $4,100, a new low for the year

Bitcoin is still struggling to find a bottom this week.

The digital currency dropped as much as 16 percent on Tuesday to its lowest level since Sept. 30, 2017, according to data from Bitcoin fell as low as $4,076.59, bringing its total losses in seven days to roughly 30 percent.

The cryptocurrency briefly pared those losses and was down about 7 percent in afternoon trading. As U.S. stock markets closed though, bitcoin was still down 12 percent over 24 hours, trading near $4,299, according to data from CoinDesk.

The price plunge came after weeks of rare stability for the world's largest and best-known cryptocurrency. While global markets churned in October, bitcoin traded comfortably in the $6,400 range — a break from volatility earlier this year. Its total losses this year are now more than 65 percent.

Its epic rise last year started right after Thanksgiving as it began to gain status as a household name. Since then, the cryptocurrency has fallen more than 40 percent. Bitcoin first topped $10,000 at the end of November and made it to nearly $20,000 a week before Christmas as retail investors poured in and two regulated exchanges prepared to launch futures markets. Learn more

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