Bitcoin slides by over $1000 in less than 48 hours

#Bitcoin slides by over $1000 in less than 48 hours

  • A bitcoin (virtual currency) coin placed on Dollar banknotes is seen in this illustration picture, November 6, 2017.
  • REUTERS/Dado Ruvic/Illustration – – LONDON (Reuters) – Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday.
  • Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange (BTC=BTSP) by 1200 GMT, before recovering a little to $6,870 just over 20 minutes later.
  • As bitcoin fell, Bitcoin Cash – a clone of the original that was generated from another split on Aug.1 – surged, trading up as much as 35 percent on the day at around $850, according to industry website Coinmarketcap.
  • Despite losing almost 7 percent this week, bitcoin is still up more than 600 percent so far this year.

Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday. Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange (BTC=BTSP) by 1200 GMT, before recovering a little to $6,870 just over
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Bitcoin skyrockets above $7,000 for first time ever

Bitcoin skyrockets above $7,000 for first time ever

  • REUTERS/Chris Helgren – – LONDON (Reuters) – Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year.
  • Bitcoin has seen eye-watering gains in recent months and has more than doubled in value in the past seven weeks alone (BTC=BTSP).
  • The latest rally was driven by news earlier this week that the world’s largest derivatives exchange operator CME Group (CME.O) is to launch bitcoin futures.
  • The price move takes bitcoin’s aggregate value, or “market cap” — its price multiplied by the number of bitcoins released into circulation — to more than $117 billion, according to industry website Coinmarketcap.
  • The aggregate value of all cryptocurrencies is now at a record high of over $190 billion, the website said.

Digital currency bitcoin rocketed above $7,000 for the first time ever on Thursday, after a more than sevenfold increase in its value since the start of the year. The latest rally was driven by news earlier this week that the world’s largest derivatives exchange operator CME Group (CME.O) is to
Continue reading “Bitcoin skyrockets above $7,000 for first time ever”