LONDON — The UK’s market is being rocked by a major drop in the value of some of its major cryptocurrency exchanges.
An announcement from the British exchange market regulator on Wednesday indicated that the value dropped to about 3,700 pounds ($5,851.70) per coin.
The announcement followed a dramatic week of trading that saw the value decline by more than 2,000 pounds on Tuesday to just over 2,300 pounds per coin on Wednesday.
At least three major exchanges in London were selling coins, with Bithumb, Bitfinex and Kraken, among others, all trading below the exchange market value.
But it wasn’t all bad news for the crypto market.
On Wednesday, the Bitcoin price hit a new record high of $1,095,622.90.
The cryptocurrency was worth more than $100,000 on Wednesday and had jumped more than 3,300 percent this year.
However, this surge has put the currency on a downward path.
It has declined by nearly 50 percent from a record high last year of $9,742.83.
The Bitcoin price has fallen by nearly 5 percent in the past month.
Bitcoin is the second-largest digital currency behind the US dollar, which had been the dominant digital currency in the world last year.