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As the world's most valuable and popular cryptocurrency, bitcoin fell to as low as $5,790 after it soared more than 1,300 percent during 2017 to end the year at $13,863. Concerns about security and rising regulations have so far kept global investment banking firms and large money managers away from investing in bitcoin and other cryptocurrencies. Most Wall Street analysts liken bitcoin's meteoric rise and steep decline to the dot-com bubble in 2000, or Dutch tulip mania in 17th century. ”We do not believe that these cryptocurrencies will retain their value in the long run in their current incarnation,” it said. Bitcoin on Wednesday dove to $17,000 for the second consecutive day as the major sell-off in the cryptocurrencies market continues. Ethereum, the world’s biggest altcoin, was trading at $1,237 for a massive 14.1% daily decline. Some altcoins saw their price plummet between 25% to 30% in the past 24 hours. Bitcoin dives further to $27,785, hovering around lowest level in 16 months. It fell to $29,000 at 4.53 p.m. EDT (2053 GMT), according to data on Binance, the world's largest crypto exchange by trade volume. Bitcoin struggled to find support at $29,000 and further plummeted to $28,200 just after three minutes with a panic selloff and later plummeted to $27,785 at 5.28 p.m. EDT (2128 GMT). The total value of the crypto market stood at $1.24 trillion at the time with more than a 12% loss in a single day, according to data from the digital asset price-tracking website CoinMarketCap. The price of Bitcoin on Tuesday dove to its lowest level in 18 months as the sell-off continues in cryptocurrency and global equity markets with fears of recession stemming from the Federal Reserve's rate hikes. The market capitalization of Bitcoin also fell to approximately $400 billion at that time, which is a $200 billion weekly loss. Karayilan.xyz SHOGI.