Bitcoin, the world's largest cryptocurrency by total market capitalisation, has been on the receiving end of a lot of volatility over the past week, with the asset dipping from an all-time high of AUD$90,000 (USD$67,280 ) on 20 October to just over AUD$81,000 at press time. Currently, BTC is trading at a price point of AUD$81,800.
Bitcoin and other digital coins tanked on Monday wiping off some $170 billion from the entire cryptocurrency market. The market capitalization or value of the cryptocurrency market was $959.53 billion at 12:10 p.m. Singapore time, down from $1.1 trillion a day earlier, according to Coinmarketcap.
Iran’s Minister of Information and Communications Technology Mohammad Javad Azari Jahromi has urged the regularization of bitcoin mining business in Iran, given the recent reports of bitcoin miners’ use of Iran’s cheap power.
