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Bitcoin plummets further after losing half its value in just one month

© Anthony Wallace, AFP | A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017.

Text by FRANCE 24

Latest update : 2018-01-17

Bitcoin slid more than 11 percent to hit $10,000 on the Luxembourg-based Bitstamp exchange on Wednesday, leaving the cryptocurrency down by close to half from its peak hit last month.

Bitcoin the largest and most prominent cryptocurrency, fell more than 11 percent to hit $10,000 on the Luxembourg-based Bitstamp exchange, amid worries about a regulatory clampdown.

This comes amid speculation that China, like South Korea, may consider a ban on trading in the cryptocurrency.

The cryptocurrency touched a peak of almost $20,000 in December - and indeed crossed over that threshold on some exchanges - but has since been rocked by several large sell-offs.

Despite this huge fall in the value of the digital currency in the past week, Daniel Duarte Figueiredo, co-founder at blockchain firm Auctus, remains determinedly optimistic.

"I believe that Bitcoin price will recover to its highest values and might even break some new records later this year [because] it has been gaining more and more attention in mainstream communication channels and attracting the interest of new investors worldwide," he argued.

"Cryptocurrencies in general, including Bitcoin, still have a lot to grow in 2018. Maybe not as much as they did in 2017 in relative terms, but I think that the percentage of people that know about cryptocurrencies and use them is still very low and will increase this year."

However, other crypto-currencies including Ethereum, Ripple, Litecoin and Bitcoin Cash have also experienced steep falls over the past twenty-four hours.

Furthermore, there has been concern among some experts that a bubble had been forming in the market as casual investors piled into an asset they did not fully understand

(FRANCE 24 with Reuters)

Date created : 2018-01-17

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