Bitcoin’s value has hit a three-month low of $5,995

Only yesterday, I wrote a story about Lloyds Banking Group banning its customers from buying Bitcoin, amid fears about its stability.

Last week was Bitcoin’s worst in almost five years – seeing its value fall below $8,200 – but now things have gone from bad to downright awful for the cryptocurrency.

According to CoinDesk.com, it’s down a further 12.49%, hitting a three-month low of $5,995.58 this morning. To put that in context, only a month ago one Bitcoin was worth more than $16,000.

Of course, the cryptocurrency is still flying high relative to its value of $1,052 this time last year, but since hitting an all-time high value of $19,343 on 16 December, it’s been on a rapid decline.

In the same period, other cryptocurrencies have had mixed fates. At today’s open, Litecoin was more than 50% down on its 16 December value, at $125.01. Etherium, on the other hand, was less than 2% down, at $697.24.

It’s impossible to predict how much further the cryptocurrency will crash, but one Reddit user used an edited version of a famous scene from The Simpsons to sum up its fate so far.

Yesterday was also a terrible day for the Dow Jones, seeing its largest one-day points fall in history. This morning, The Guardian reports that shares in the UK and Europe have also suffered “heavy losses” on opening, with the FTSE 100 falling 3.5% and markets in France, Germany, Italy and Spain also down by more than 3%.