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The values of the bitcoin and its rival cryptocurrencies have returned to fall on the Black Friday weekend, bringing the market to its lowest point since last September.
Bitcoin prices fell below $ 4,000 (£ 3,110) per currency on Saturday morning, before reaching a minimum of $ 3,500 (£ 2,730) on Sunday, according to the CoinMarketCap ranking website. The values for the digital currency were around $ 3,900 (£ 3,040) starting at 9:30 am in the UK on Monday.
The rival Ethereum and Ripple coins also collapsed over the weekend, with their values this morning sitting at around $ 114 (£ 89) and $ 0.37 (£ 0.29) per coin, respectively.
The market downturn in recent days seems to be a continuation of the sell-off caused by the "hard fork" – a move in which a cryptocurrency splits into two to form a new digital currency – in bitcoin cash in bitcoin virtual currency sister two weeks ago says Forbes.
However, while cryptocurrencies appear to be stuck in a continuing downward spiral, some investors believe the market could recover if more regulatory oversight was introduced, the news site added.
Herbert Sim, chief commercial officer at Singapore-based currency exchange Cryptology, told Forbes that "regulators must set standards to separate weeds from roses in the world of cryptocurrencies" if the market is "moving forward and the investor confidence for chest ".
"Having oversight of the Wild West cryptocurrency we will legitimize and stabilize the industry later, which will allow us to reach the next level of maturity," said Mr. Sim.
Can the bitcoin rebound next month?
Bitcoin has lost 80% of its value from the peak of nearly $ 20,000 (£ 15,590) in December 2017, which does not bode well for the market.
However, Mati Greenspan, senior marketing analyst at the eToro cryptocurrency trading site, told the Daily Express that "it's really impossible to know" where the digital currency is headed and that it still hopes there may be a "Santa's meeting" "before the year is over.
Pointing to market volatility, he added: "[What] I said from the beginning of the year, when people were asking for my predictions for the end of the year, it's that I can say with a 99% certainty that bitcoin will be between $ 100 (£ 78) and $ 1m (£ 780m) on December 31st. "
