Bitcoin erases last week's gains as it tumbles below $4,000

Bitcoin sank below $4,000 a coin today to its lowest price in a week.

The volatile cryptocurrency edged below $3,700 this morning before clawing back some ground to sit just below $4,000, according to CoinDesk’s aggregate price.

At the time of writing, bitcoin was trading 1.43 per cent down at $3,997.33 a coin.

Investors appear to have gone bearish on bitcoin after a strong week in which its price rocketed to an all-time high of $4,500.

Meanwhile, bitcoin cash, the new digital currency that formed from a split in bitcoin’s underlying technology, or blockchain, was in the green yesterday, trading between $600 and $700.

Bitcoin cash was trading 10.27 per cent up at $670.32 a coin at the time of writing.

The new cryptocurrency has quickly risen to the ranks of one of the top cryptocurrencies. Its price hit an all-time peak of more than $1,000 over the weekend.

Cryptocurrencies have had a year of positive growth, especially in recent months, as they gain more attention from mainstream investors.

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