The spot price of a single bitcoin BTCUSD, +5.78% was trading relatively flat at more than $13,600, up less than 2%, according to data and news site CoinDesk.com.
However, since its peak mid-December peak at about $19,800, the No. 1 most valued cryptocurrency has shed about a third of its value.
Bitcoin futures for January XBTF8, +6.65% on Cboe Global Markets Inc. CBOE, -1.32% were down 5.4% at $13,770, while futures BTCF8, -2.32% trading on CME Group Inc. CME, -0.92% for the same month were down about 5% at $13,780.
Meanwhile, Ether tokens were kicking off the new year with a bang, up 14%, approaching an intraday record over $900, based on CoinDesk prices.
Since its 2017 nadir, bitcoin has rocketed more than 1,300%, while Ether tokens have seen an eye-popping 11,000% increase since the start of 2017.
Bitcoin saw its most sever selling after the debut of rival asset Bitcoin cash, which erupted out of the original bitcoin back in August and is identical to bitcoin except it offers faster transaction processing.
To be sure, a number of individuals, including J.P. Morgan Chase & Co.’s CEO Jamie Dimon has referred to the rapid rise o digital currencies as a bubble, likening it to tulip mania.