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Bitcoin price dropped by more than 50 per cent from its $20,000 highest but the cryptocurrency will survive the fall, said Spencer Bogart of Blockchain Capital. Speaking to CNBC, the crypto expert said bitcoin’s pullback is “relatively mild” overall. He said: “These prices go up and they go down as well and there are two ways to frame this.

CNBC•GETTY Bitcoin price dropped by more than 50 per cent its $20,000 highest in the last 24 hours

“We could frame it as ‘this is 50 per cent off of its highs’ and to a lot of people that is a scary story. “Or we could frame it completely differently and talk about how bitcoin is up 100x or 1000 per cent from a year ago. It’s a volatile currency and it’s going to up and it’s going to go down. “Bitcoin is definitely not dead. We’ve seen this story many times before.”

Bitcoin is definitely not dead, we’ve seen this story many times before Spencer Bogart

He added: “I think there’s even a website called Bitcoin Obituaries that tracks the number of times that people have declared bitcoin is dead. “Overall this pullback that we’ve seen so far is relatively mild. In 2014 we saw bitcoin fall 80 per cent from its highest only to recover to fresh new highs over the past year. “So I think that overall what happened here is we had a lot of speculation and buildup with the launch of futures products and derivative spiralex in the US. This kind of spelt the institutionalisation of bitcoin so a new flow of capital that could be moving in that could push prices higher.

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip