Bitcoin was still falling against the dollar on Saturday after losing more than a fifth of its value in trade Thursday. Bitcoin was down more than 7% to $832 at 9:21 a.m. GMT (4:21 a.m. ET), according to Markets Insider. That’s down from over $1,100 earlier in the week. Here’s the chart:
Bitcoin surged in the weeks running up to Christmas, battled volatility in the run-up to New Year and first few days of 2017, before tanking Thursday. Some commentators have suggested that the rise was caused by Chinese investors looking to move their money out of China ahead of a rumoured further devaluation of the renminbi. This theory is backed up by moves in the renminbi Thursday that coincided with bitcoin’s plunge. The renminbi rallied 2.6% against the dollar, posting its biggest two-day gains ever. China’s central bank on Friday also warned investors to exercise caution when investing in virtual currencies such as bitcoin and met with the representatives of a major bitcoin trading platform in China, BTCC, according to Reuters. That appears to have shaken confidence further.
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