Bitcoin value dropped dramatically to below $11,000 on Thursday (June 27), after an 18-month high of almost $14,000 earlier this week, marking a 16 percent dip, according to a report by Reuters.
The famous cryptocurrency was riding a wave of interest after Facebook announced a digital coin of its own called Libra. Bitcoin has gained 260 percent since April but didn’t quite hit its previous all-time high of $20,000 in December of 2017.
As of around 2 p.m. EDT the coin was down 16.13 percent to $10,836.42 on the Luxembourg-based exchange called Bitstamp.
Analysts say certain investors are worried about the strength of gold and U.S. bonds due to softening worldwide economic growth, and they are turning more and more to digital currencies, which is also fueling growth.
In other bitcoin news, some users of the Cash App, which is owned by payments company Square, can now deposit bitcoin, according to reports.
Users could previously buy, sell and transfer bitcoin through the app, which is available on both Android and iOS, but now some users can deposit it as well.
The Cash App added bitcoin compatibility in November of 2017, and it was eventually released to all users. It is not known when the deposit feature will be released for all users.
On Square’s support page, the company says that “support for bitcoin deposits to third-party wallets is coming soon. In the meantime, you can transfer profits from selling bitcoin to any bank account or debit card linked to your Cash App.”
Square brought in about $65.5 million in revenue by market cap from bitcoin in Q1 of 2019, although actual profit was $832,000. The company also has a bitcoin-specific unit called Square Crypto, which is hiring developers to work on bitcoin blockchain. The company recently hired former Google Director Steve Lee for the team. Square is based in San Francisco and was co-founded by Twitter CEO Jack Dorsey.