Bitcoin loses over a fifth of its value in less than 24 hours

LONDON: Bitcoin slid to as low as US$9,000 in volatile trade on Thursday, having lost more than a fifth of its value since hitting an all-time high of US$11,395 on Wednesday.. The cryptocurrency fell as much as 8 percent on Thursday on the Luxembourg-based Bitstamp exchange to hit US$9,000 exactly, marking a fall of well over US$2,000 in under 24 hours. It then edged back up to trade at around US$9,400 in the hour that followed, still down roughly 4 percent on the day. One market-watcher attributed the fall to outages in bitcoin exchanges and the heavy price surge of recent times. "Naturally a few of the early bitcoin traders are taking some profits off the table," said Charles Hayter, founder of CryptoCompare.com. "Volatility is in the market at the moment and that means both positive and negative moves." The latest fall has tempered an astronomical rise for the cryptocur...

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