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Bitcoin Value Drops Significantly In 24 hours

Business

Bitcoin Value Drops Significantly In 24 hours

Cryptocurrency enthusiasts are baffled by the sudden deep drop in value of these currencies that have reportedly sunk to a 9-month low.

Market watchers say that the Bitcoin- which is the largest of cryptocurrencies has fallen by 9.8% in value in the last 24hours of trading.

According to Bloomberg composite pricing, the Bitcoin was this morning trading at $6,390, down 8.1%.

Stephen Innes, head of trading for Asia Pacific at Oanda Corp, reacted saying the next key level to watch for Bitcoin is $5,000.

Innes adds that this drop below that threshold may cause losses to accelerate.

This fall in value has happened at a time when there are concerns that broader adoption of digital assets will take longer than some anticipated.

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