The cryptocurrency crash hit the cryptocurrency market on Friday as the value of Bitcoin jumped by over $700 on Friday, sending the price of the cryptocurrency down over $10,000.
The cryptocurrency surged by more than 30 percent to reach a new record high of $12,711.00 on Friday.
Bitcoin rose by more then 60 percent to a record high above $12-13,000 in the span of a week.
The surge in the price is attributed to the collapse of Bitcoin futures trading in Japan as the Japanese government announced that the country’s central bank will be shutting down the bitcoin futures market by June 1st.
The news caused the price to rise by more, hitting the $12.4 million mark on Friday and reaching the $13,836 mark on Saturday.
On Friday, a large part of the market saw a price crash, but a significant part of it managed to hold on to the market, as it is still relatively stable.
The price of Bitcoin was down about 4.5 percent on Friday compared to the previous day.
Bitcoin’s price has dropped by about 25 percent in the past few days.
Despite the rally, many are still buying Bitcoins, with the price now trading at around $12 million.
It is important to note that the cryptocurrency markets value will not continue to climb, and it is important that investors keep an eye on the market.