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Bitcoin in tricky water as the Chinese look to halt Bitcoin mining

Bitcoin suffers a huge loss at the start of 2018 as market capital falls

Bitcoin price falls again as well as other cryptocurrencies have been hit, too. Among them were ripple and cardano, which slid 25 percent and 19 percent respectively on the previous day.

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Bitcoin, the most popular and valuable cryptocurrency is falling for the fourth straight day. It is also 30 percent down from the record $20,000 tracked on December 17.

Bitcoin was trading at $14,400 on Wednesday, down more than five percent from the previous session. It has also been losing its dominance over the cryptocurrency market; only 34 percent of digital money is now bitcoin. On the same day last year, its share was 85 percent.

Investors are fleeing bitcoin because of the rumours that regulators in both China and South Korea are on the verge of cracking down on the industry. As these two countries have a dominant share of the global cryptocurrency trade, this could have a big impact on prices.

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Additional rumours from Beijing that the Chinese are concerned with how much electricity consumption Bitcoin mining is taking, are considering terminating all Bitcoin mining form it’s shores.


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