Cryptocurrency & Blockchain Business
Eddie van der Walt

Bitcoin heads for the lowest price drop in more than two weeks

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Bitcoin headed for the biggest drop in more than two weeks, as a rebound that saw the digital asset bounce almost 18% from the year’s lows ran out of steam.

The largest cryptocurrency dropped as much as 6% on Wednesday, putting it on course for its worst day since 22 June, according to composite prices compiled by Bloomberg at 7:42am in New York. The move was reflected in its peers, with Ripple, Ethereum and Litecoin all falling more than 4%.

Rallies in digital tokens have been rare this year, with momentum lacking as apathy with last year’s hottest asset class grew. The currencies have struggled to retain speculator interest as a mania that saw Bitcoin rise 1,400% in 12 months appeared to have run its course.

The lack of interest was reflected in traded volumes, which in June plunged to the lowest level in more than a year, according to data from exchange Bitstamp Ltd., compiled by Bloomberg. Worldwide searches for the term “Bitcoin” hovered near the lowest level in a year, according to Google Trends data. Tweets that mention the coin peaked 7 December, at 155,600, and are now down to about 30,000 per day, BitInfoCharts says.

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