Bitcoin Just Plunged More Than $1,000 in 48 Hours
Sat Nov 11 2017
Nikki Bailey (1044 articles)

Bitcoin Just Plunged More Than $1,000 in 48 Hours

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 by 1200 GMT, before recovering a little to $ 6,870 just over 20 minutes later.

On Wednesday around 1800 GMT, it had touched $ 7,888 after a software upgrade planned for next week that could have split the cryptocurrency in two was suspended.

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.

Nikki Bailey

Nikki Bailey

Nikki Bailey reports on US Stocks. She covers also economy and related aspects. She has been tracking US Stock markets for several years now. She is based in New York

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