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Bitcoin has fallen to $10,029.50 as of 2pm on Thursday, February 22 after it peaked at $11,334 on Wednesday. BTC recorded an 8.98 percent drop in price in the last 24 hours, as other cryptocurrencies also moved into the red, according to data from CoinMarketCap. The market cap has dropped just short of $180 billion at $169,299,083,304, as the cryptocurrency fails to make up the ground it lost following a mass bitcoin sell-off. However, the cryptocurrency is still up at least 85 percent following the lows experienced on February 6.

The cryptocurrency ran into offers above $11,700 on Tuesday, according to CoinDesk’s Bitcoin Price Index (BPI), but the sell-off wiped more than $1,000 of its value. Many in the investor community believes BTC is still in a bear market and the sharp rise from the lows below $6,000 is only a “corrective rally” inside the bigger downtrend. The news of the crash comes after MPs announced they were launching an inquiry into cryptocurrencies and the technology behind them. The Treasury Committee will look into how consumers and Britain’s financial infrastructure could be protected.

Getty Bitcoin price news: What is value of bitcoin today?

Coinmarketcap.com Bitcoin price news: The market cap is just short of $180 billion

Getty Bitcoin price news: BTC recorded a 5.46 percent drop in price in the last 24 hours

However the technology behind cryptocurrencies has been praised. Bank of England Mark Carney said Bitcoin had failed but believed the technology which records and verifies the chain of transactions might prove useful. Nicky Morgan, chair of the committee, said: “People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors. “The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses, and governments, including those relating to volatility, money laundering, and cyber-crime.

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