Bitcoin loses over a quarter of its value in a week

(Source: Bitcoin Charts)

The value of the cryptocurrency Bitcoin has now fallen to under $73, from over $100 just a week ago.

In April, we asked if Bitcoin's value was just a product of the media frenzy surrounding the alternative currency. Now that's dropped off and US government action to crack down on Bitcoin means that the currency is getting crushed.

There could still be some hope for Bitcoin, this week City A.M. revealed that Bitcoin exchanges are campaigning for the Financial Conduct Authority to give them the same approved status as other firms in the financial services sector.

If that's successful, perhaps we can see the alternative currency gain some credibility, and avoid fading into obscurity.