Bitcoin drops 12% low after hitting 18 months high at $14,000 this week

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Bitcoin‘s price skidded 12% lower on Thursday to around $11,383 after hitting an 18-month high of nearly $14,000 earlier this week.

The world’s biggest cryptocurrency has surged in value since April and has risen more than 260%, although it remains below its all-time high of nearly $20,000 hit in December 2017.

Analysts say Facebook’s announcement that it would offer its cryptocurrency Libra has revived interest in digital currencies, while investors seeking safety have also pushed up bitcoin’s price.