The Bitcoin price dropped to around $5.7 billion today, falling by around 30 percent from its all-time high of $564.7 million.
This was a reversal of a significant price movement on January 28th, which had seen the price of Bitcoin reach a high of more than $6,000 per coin.
Bitcoin prices tend to rise and fall along with the price in general.
This morning’s drop comes after a sharp increase in the price from $531.9 million to $577.2 million on January 30th.
This rally was fuelled by the launch of the cryptocurrency Bitcoin Cash by the cryptocurrency exchange Coinbase.
Coinbase said it will now accept Bitcoin Cash transactions from all 50 states.
Coinbase has since released an update which indicated it is “now accepting Bitcoin Cash in the United States and Canada”.
The rise in Bitcoin prices is the latest development in a global price war.
Bitcoin is still not widely used in the developed world, however, the cryptocurrency has been a key player in the Bitcoin economy since its inception.
The cryptocurrency’s price has seen a steady rise over the past year.
Its price rose above $1,000 in January this year, followed by $3,000 by March.
A month later, its price was up to $637, which is a staggering increase of $20 million in just five days.