BITCOIN PRICE - LATEST UPDATES: mgsc

The value of bitcoin has seen significant losses over the last week, dropping to its lowest price since October 2017. A hack on a major South Korean exchange, as well as a new study suggesting it's 2017 highs were artificially inflated, saw the world's most valuable cryptocurrency fall below $6,000 to an eight-month low.

The volatile cryptocurrency’s price has shifted wildly ever since mid-December - when it hit a record high of more than $19,850 (£14,214) - with frequent heavy drops and speedy recoveries. Its price plummet back to earth in January and February, as governments and central banks around the world raised the spectre of future regulation.

Bitcoin’s value plummeted again shortly before Christmas, dropping by almost $2,000 (£1,449) in just an hour at one
point, and almost slipping below the $11,000 mark (£7,970).
It then bounced back, before tumbling again in mid-January, recovering again, and plummeting at the start of February before levelling out for the rest of the month.

March saw bitcoin's price drop below $10,000, reaching a low of $6,500 before rebounding above $7,000.

In June, the price of bitcoin dropped even further, reaching below $6,000 before recovering in early July.

Aside from the looming prospect of regulation, a series of high-profile thefts have also had a hand in the sudden rapid dips in value bitcoin and its rivals have experienced - the most recent of which was a failed raid on the Binance cryptocurrency exchange.

Google's announcement that it would ban cryptocurrency advertising from its pages from June on the grounds that it considers it "deceptive content" was also a major blow to the sector.

Recent goings-on have demonstrated just how quickly things can change for investors.

It is worth $6,523 as of Wednesday morning, according to the Coinbase exchange.

Its value has fallen by 1.49 per cent per cent since this time yesterday and is up by about 7 per cent week-on-week. Bitcoin's value is down by around 14 per cent from one month ago.

Bitcoin's rise last year meanwhile led to increasing amounts of interest in other digital currencies, such as ethereum, litecoin and ripple XRP - all of which have performed well recently - and more and more people are now looking to invest in digital currencies.