The price of bitcoin fell below $6,000 (£4588.80) in August, the lowest it had been for the whole of 2018.
Since the beginning of the year, the cryptocurrency has suffered a significant loss and is currently trading at $6,717.65 (£5137.66) at the time of writing, according to industry site CoinDesk.
Business Insider recently reported Goldman Sachs were stalling plans for a crypto trading desk on hold, which caused Bitcoin to drop in value by five percent and triggered the top five cryptocurrencies by market cap to fall by more than 12 percent.
Rumours the investment bank are implementing a crypto trading desk in order to make markets in digital currencies, like Bitcoin, have been rife since December 2017.
With reports and revelations of hacking causing the currencies value to fluctuate, Bitcoin has lost 50 percent of its value since the beginning of 2018.
In January BC was trading at $14,112 (£10,745).
Is the unreliable nature of the price slowing the currency down? Or could it reach again the highs of last year?
Bitcoin has had a turbulent year, with record highs and lows (Image: GETTY)
Danny Scott, CEO and co-founder, CoinCorner, a Bitcoin provider based in the Isle of Man told Express.co.uk: “Bitcoin is a piece of technology that will take time to be adopted.
“Barclaycard issued the first contactless credit cards in the UK in 2007, and even now 11 years later, there are still cards being used in the UK that aren’t contactless, and this was only an additional feature to an already existing product.
“We’re currently only approaching 10 years of Bitcoin.
“This is still very much the beginning and there is plenty more to come from Bitcoin.”
He said: “The view that Bitcoin’s price decrease from the start of the year is ‘catastrophic’ is down to perspective.
“If we look at the price changes from the last 12 months rather than 9 months, we’re now up by an increase of $2,500 rather than down by $10,000 simply by moving the time scale 3 months.
“We all know that Bitcoin’s price has been volatile over the years, but its uses and technology have only continued to increase and improve with time.”
Bitcoin seems to be on the up in recent days (Image: GETTY)
Bitcoin will have long-term success says Danny Scott, CEO of Coin Corner (Image: GETTY)
“What we have seen this year has been a correction in price from its peak back in December last year.
“It’s not the end of Bitcoin, just a healthy correction.”
But will people still continue to trade and will Bitcoin thrive in future markets?
The answer is yes according to Mr Scott: “I have faith in Bitcoin’s long-term success – the price movements during the process are merely a by-product in between.”