The value of bitcoin fell under the $40,000 mark in early morning trading today.
The popular cryptocurrency sold off sharply this morning, while rival tokens like ether also lost value. Currently worth $39,831 per coin, bitcoin is off 4.3% and ether 5.1%, according to Coinbase data.
While it is always risky to cover price changes in the crypto world, the fall in the value of bitcoin has crossed the threshold from notable to material. Yahoo Finance indicates that bitcoin’s recent all-time high saw the cryptocurrency trade as high as $68,789.62 per coin. Today’s price puts bitcoin’s current drawdown at just over 42%.
That’s twice the swing required for bitcoin to have entered a technical bear market, and four times what it w …
