Bitcoin price Drops Below $14,000, A $2,000 drop in just 12 hours

Bitcoin Drops Below $14,000, this is about 30% drop from its record price of nearing $20,000 at the start of the week. Bitcoin has lost almost third of its value as the cryptocurrency, which was at about $1,000 at the year’s start and surged to a record high of $19,666 last Sunday. The current price drop is more than $2,000 in just 12 hours.

“A lot of the capital is flowing from bitcoin into alternative coins. You’ve seen companies like Verge and Ripple, which are over 400% in the last week.”

Bitcoin is famous for wild price swings. In November, its price fell to almost 30% in four days from $8,000 to $5,500 and in September it fell to $2,972 from price of around $4,000.

Source: CoinDesk

The reason for such a quick nose drive is yet not known.