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Bitcoin has lost half of its value within one month

Bitcoin has lost half of its value within one month

Having reached the $14,000 mark last week, Monday onwards marked a severe fall in Bitcoin's value.

The country confirmed earlier this week that it was seeking to further clamp down on its restrictions against virtual currencies by eliminating cryptocurrency trading. Panic selling is driven by fear and inexperience in an embryonic market. While it has not been a good week for bitcoin, and cryptocurrency as a whole, it is safe to say we will definitely be seeing more news from it in the coming months.

Bitcoin and other cryptocurrencies like Ripple and ethereum have fallen dramatically in recent days but Former UBS America CEO and Chairman Robert Wolf is not anxious.

With the drop below $10,000, bitcoin had lost about half its value since hitting a high above $19,000 in mid-December.

The fall in price was linked to reports about regulation in countries such as China and South Korea. "Officials are expected to debate the rise of bitcoin at the upcoming G20 summit in Argentina in March", writes Reuters.

Bitcoin's big dip has been matched by rapid downturns in Ethereum and Ripple, the second and third-biggest crytocurrencies.

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Search online and plenty of conspiracy theorists believe that the introduction of futures contracts, enabling hedge funds to short bitcoin, now means that they control this unregulated market. The last time was from November 2014 to January 2015. The numbers were posted on the popular exchange website CoinDesk, which keeps track of other websites such as Bitstamp, Coinbase, itBit and Bitfinex. The option of completely banning the cryptocurrency trading is still open, the South Korean minister said in an interview.

That came amid news that a senior Chinese central banker had said authorities should ban centralized trading of virtual currencies and prohibit individuals and businesses from providing related services.

He said: "Whether Bitcoin is the right venue and platform or not it is all to be determined".

Discussing the longevity of bitcoin and other cryptocurrencies, Dick Kovacevich, the chairman of Wells Fargo told CNBC: "I think it's a pyramid scheme". On Tuesday, reports that China and Russian Federation may enact more regulations around cryptocurrency exchanges sent Bitcoin, Ethereum, and Ripple dropping billions off their market caps.

This week, the price of Bitcoin dived to a low of $9,199.59, a drop in value of nearly 50 percent of its record high reached in December previous year.

The company, which makes USB dongles that contain a chip for safely storing and carrying around cryptocurrency passwords, is raising money to pay for hiring, research and development, as well as to finance its expansion.

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