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Bitcoin bites again as prices plummet

  • Aussie crypto investors awaken to another price drop.
  • Bitcoin falls to its lowest value in more than a month.
  • Yet the digital coin is still up almost 228% for the year.

Shoppers looking forward Black Friday sales next week are unlikely to use major cryptocurrency Bitcoin as a method of payment.

Overnight, Bitcoin prices dipped to its lowest value in more than a month and as of 10:30pm GMT today was trading at US$56,963.99, according to CoinDesk.

While Bitcoin has lost some 18% of its gains after reaching a record high of nearly US$69,000 earlier this month, it is still up 45.59% over the past six months and 227.71% in 2021 YTD.

The market could be spooked by comments made by the Reserve Bank of Australia, which warned crypto investors about the ?current fervour? of the market and that they risk holding speculative assets that could lose most of their value.

Other major digital coins, such as Ether, which is native crypto of the Ethereum blockchain, have also suffered losses overnight in what many would be thinking is a Britney Spears? ?Oops! they did it again? moment.

Despite the recent volatility, the market capitalisation of digital currencies overall has surged in 2021 with a plethora of different coins being offered to investors.