As of Asia’s Friday afternoon trade, bitcoin had fallen nearly 10 percent against the U.S. dollar in 24 hours, marking another recent plunge for the world’s largest cryptocurrency.
dropped 8 percent on the first day of the month.
Bitcoin traded at $3,337.32 as of 12:28 p.m. HK/SIN (11:28 p.m. ET on Thursday), falling 9.88 percent over the last 24 hours, according to data from industry site Coindesk.
Meanwhile, prices for the second and third largest cryptocurrencies by market value, XRP and Ether, also saw sharp declines in the 24 hour period. XRP fell by 10.62 percent and Ether dropped 15.90 percent, according to Coindesk.
This calendar year has generally been unkind to cryptocurrency prices, with the industry seeing its entire market cap falling almost 87.09 percent from its highs in January, according to data from Coinmarketcap. 24-hour trading volumes have also plunged about 61.65 percent since then.
In recent industry related news, the U.S. Securities and Exchange Commission (SEC) posted an update on Thursday regarding the approval process for a rule change proposal for the allowance of a bitcoin exchange traded fund (ETF).