Bitcoin price slid by almost 40 percent overnight as traders feared the collapse of a popular cryptocurrency.
The price of the digital currency plummeted on Tuesday to below $3,000, after traders warned it could lose a significant chunk of its value in the days to come as investors began to doubt the legitimacy of the bitcoin blockchain.
The cryptocurrency gained more than 50 percent in value over the past 24 hours to hit a fresh all-time low of $2,000.
The digital currency has lost about half its value over its four-month run of value.
Bitcoin’s meteoric rise in popularity has been aided by the fact that the digital asset’s creator, a man by the name of Satoshi Nakamoto, has been dead for more than six years.
Bitcoin has surged more than 400 percent since its creation, and the value of its most recent transaction alone is more than $2.3 trillion.
While many have called bitcoin a bubble, a small number of investors believe the blockchain could be a viable way to store and transact value.
In a statement, Bitcoin exchange Kraken said it is in discussions with banks and regulatory bodies to create a “blockchain-based exchange platform.”
“Kraken is in the process of formalizing this protocol and is in active discussions with regulators around the world, including regulators in Australia and New Zealand, to ensure that it is compliant with their regulatory frameworks,” the statement read.
Kraekas statement was the first since the Bitcoin price began its downward slide after trading began to falter.
The bitcoin exchange has since launched a $30 million funding round.
Bitcoin price continued to fall on Wednesday morning, falling below $2 a coin.
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