Bitcoin plunges 18% to hit 14-month low amid bearish sentiment

Forex Jan 13, 2015 07:40AM ET

© Reuters. Bitcoin plunges 18% to hit 14-month low Investing.com - Bitcoin prices plunged sharply to hit the lowest level in more than a year on Tuesday, as investors fled towards the exits amid bearish chart signals.



Bitcoin ( ) tumbled $46.93, or 17.33%, to trade at $223.90 on Slovenia-based BitStamp during U.S. morning hours, after hitting a session low of $216.00, a level not seen since November 2013.



Hackers stole nearly 19,000 bitcoins valued at approximately $5 million from BitStamp last week. The exchange reopened on Friday, January 9, after suspending services in wake of the theft on January 5.



The price of a bitcoin on Bulgaria-based plunged $39.19, or 14.77%, to trade at $226.08, while prices on Singapore-based dropped $38.34, or 14.34%, to trade at $228.99.



According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $39.38, or 14.75%, to trade at $227.70.



Meanwhile, euro-denominated Bitcoin prices ( ) sank €25.51, or 11.24%, to trade at €201.37 on U.S.-based Kraken Exchange.



Elsewhere, -denominated Bitcoin prices on Shanghai-based slumped 229.99 yuan, or 13.9%, to trade at 1,425.00 yuan, while prices on Beijing-based fell 247.64 yuan, or 14.8%, to trade at 1,426.00 yuan.



Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.



Bitcoin’s market cap has been on a steady decline in recent months, even as the virtual currency has been getting more popular with merchants and retailers, including PayPal, Expedia, Overstock.com and Dell.

Bitcoin plunges 18% to hit 14-month low amid bearish sentiment

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