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05-Feb-2018<br />

Bitcoin takes a beating with entire cryptocurrency market in decline<br />

TravelWireNews<br />

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The value of bitcoin and other cryptocurrencies dropped again by more than 10 percent on<br />

Monday following a short-lived rebound over the weekend.<br />

Read more<br />

Top digital currency bitcoin was trading 12.5 percent down, around the $8,000 mark, which<br />

is a 60 percent below its record high of $20,000, which was seen in December.<br />

Ethereum plummeted 14 percent to $826, approaching the $755 that was recorded on<br />

January 1. The cryptocurrency started the year with record growth, peaking at $1,433 just<br />

three weeks ago. Ripple fell over 14 percent to $0.80.<br />

The top 100 cryptocurrencies on Coinmarketcap’s list were down at 8:00am GMT, with<br />

some losing as much as 24 percent of their value.<br />

In the most recent series of crackdowns by authorities and banks, Lloyds Banking Group<br />

(Lloyds Bank, Bank of Scotland, Halifax and MBNA) has banned bitcoin purchases with<br />

credit cards. The ban will not apply to debit cards, by will affect eight million credit card<br />

users within the group.<br />

Regulators in the United States, South Korea, China, Russia and India have warned about<br />

risks linked to the use of cryptocurrencies. The two largest countries by population – China<br />

and India – have imposed several measures to crack down on digital money.<br />

Germany and France have also called for stricter regulation of bitcoin and other virtual<br />

currencies. Facebook banned ads for cryptocurrencies and ICOs following users’ complains<br />

about scams that were promoted in their <strong>news</strong>feed.<br />

For more stories on economy & finance visit RT’s business section

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