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The price for bitcoin was little changed early Thursday, as the world’s No. 1 cryptocurrency stabilized somewhat after Wednesday’s punishing session.

A single bitcoin

BTCUSD, +2.49%

recently changed hands at $8,153.54, down 0.5% on the day.

On Wednesday, bitcoin dropped 10% to around $8,250, weighed down by another wave of bad news. Google

GOOG, +0.99%

GOOGL, +0.79%

announced it was banning advertising related to cryptocurrencies, and Rep. Brad Sherman, D-Calif., described virtual currencies as “a crock” at a hearing on Capitol Hill.

Bitcoin has been slumping in March after rallying for much of February. It is down 43% so far in 2018.

“This represents a retracement of the recovery that occurred after the early February lows,” said William O’Loughlin, a Rivkin Securities analyst, in a note. “It is looking increasingly like the rapid gains of 2017 will not be repeated in 2018.”

Read more: John Oliver on cryptos: ‘This market is essentially the Wild West’

On Thursday, futures markets were little changed. The Cboe Global Markets March contract

XBTH8, -8.43%

was roughly flat at $8,236, while the CME Group Inc. March contract

BTCH8, -0.12%

fell 1% to $8,185.

(Excerpt) Read more Here | 2018-03-15 11:35:46


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