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By Jasmin Boyce

Bitcoin plunged below $5,000 on Monday, adding to what has turned into nightmare 2018 for investors who touted the cryptocurrency.

The continued declines come after bitcoin’s value shot up in December 2017, nearly touching $20,000. As of Tuesday, a single Bitcoin was trading around $4,400 — its lowest level of the year.

Bitcoin is not alone. Other popular cryptocurrencies have also plunged throughout the year, touching fresh lows this week. A cryptocurrency is a form of digital currency that is based on technology known as blockchain, in which computers compete against each other to solve complex math problems. That computing power creates a distributed, secure and transparent network ledger — commonly known as a blockchain — on which applications such as bitcoin can be built.

The rise in enthusiasm for bitcoin led to a rush of investment and speculation around cryptocurrencies and blockchain-related startups. Growing hopes that rising prices would attract institutions such as banks and governments also served to further lend legitimacy to bitcoin. Some analysts once predicted that bitcoin’s value could reach $100,000.

(Excerpt) Read more Here | 2018-11-21 01:09:00


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