Cryptocurrency: Expert discusses success of Bitcoin
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From 10.45pm last night to 6am this morning, Bitcoin’s value slumped 5.3 percent, from $35,948 to $34,053. During the same time period, Ethereum’s price plunged five percent. The meme coin Dogecoin – often backed by Tesla boss and tech billionaire Elon Musk – fell by 3.6 percent. Bitcoin’s price has been on a downward spiral over recent weeks – thanks largely to a crackdown on it from the Chinese Government – having hit an all-time high just under three months ago.
The value of the world’s most popular cryptocurrency surged to $63,000 on April 16 following several months of price rises.
But it has been plummeting ever since, and fell to as low as $31,700 on June 27 – nearly half its historic peak just two months earlier.
Bitcoin had received a boost last month after l Salvador become the first country in the world to approve the cryptocurrency as legal tender.
The price of the world’s most popular cryptocurrency quickly soared by 10.6 percent to $34,312.
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07:44 Bitcoin's price continues to fall
Bitcoin’s price has continued to plunge as all major crytocurrencies struggle to bounce back from recent falls.
From 10.45pm last night to 6am this morning, Bitcoin’s value was down 5.3 percent, from $35,948 to $34,053.
During the same time period, Ethereum’s price also dropped five percent.
The meme coin Dogecoin fell by 3.6 percent.
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