Bitcoin price drop live: Latest updates as cryptocurrency …

Bitcoin fellto its lowest price of 2018 in June, having experienced its worst start to a year since the cryptocurrency was founded, however it is showing signs of recovery.

The value of bitcoinrose more than twenty-fold in 2017, generating huge amounts of interest in cryptocurrencies like ethereum and bitcoin cash.

After peaking at close to $20,000 in December, bitcoin's value fell to below $10,000 within a matter of weeks. This precipitated a market-wide crash other leading cryptocurrencies tumble.

Its price is expected to continue to fluctuate unpredictably, and this live blog will be regularly updated with the latest news and significant changes.

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The price of bitcoin dipped slightly over the last 24 hours but still remains well above its recent low.

The top five digital currencies rose between 5 and 15 per cent over the last 24 hours, marking the biggest gains in over a month.

The price of bitcoin has shot up once again, with the cryptocurrency now closing in on $7,000.

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Bitcoin experienced a mini price surge over the weekend, rising by $400 in a matter of hours to jump back above $6,000.

The price of bitcoin has crashed below $6,000, falling by 4 per cent over the last 24 hoursto hit its lowest level since November 2017.

All other major cryptocurrencies saw gains of between 0.5 and 5 per cent since this time yesterday.

As bitcoin's price continues its free-fall, there are signs of hope.

Famed venture capitalist firm Andreessen Horowitz is launching a $300 million crypto fund and doesn't plan to sell its cryptocurrency assets for at least another five years.

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Banning cryptocurrency ads has been a popular move among technology giants, with Facebook, Google and Twitter all introducing strict rules this year.

Facebook has now decided to reverse its decision, once again prompting rumours that it is planning something major in the cryptocurrency space. Experts tellThe Independentthat this could be anything from acquiring the bitcoin exchange Coinbase, or even launching its own virtual currency.

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The world's leading cryptocurrency risks falling below $6,000 as it continues to hover around its lowest level of 2018.

A newly published survey of 15,000 people across 13 countries by the Dutch banking giant ING has revealed that interest in cryptocurrency is expected to double.

Jessica Exton, a behavioural scientist at ING, said: "Based on our survey, ownership of cryptocurrencies could more than double in the future although we do not know when...The volatility of cryptocurrency carries with it both positives and negatives, on the plus side it can increase awareness but may also mean people view digital money as a relatively risky asset. If cryptocurrency stabilises there may be increased interest.

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Despite the recent price lows, cryptocurrency analysts have seen the positive side.

"Market adjustments as we have seen over the past months can help to stabilise prices and move the industry towards a more robust, sophisticated regime. This is good for the long-term future of blockchain and [cryptocurrencies], giving the industry time to develop,Matthew Newton, an analyst at the trading platform eToro, toldThe Independent.

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All other major cryptocurrencies mirrored bitcoin over the weekend, dropping significantly on Saturday before seeing a modest recovery.

Heavy losses were experienced by the rest of the top five most valuable cryptocurrencies, which all fell between 4 and 10 per cent since this time yesterday.

Bitcoin experienced a mini price crash yesterday, following news of yet another South Korean cryptocurrency exchange being hacked.

The Bithumb attack resulted in the loss of around $31 million worth of customers' funds and a tweet from the exchange saying it would reimburse them was mysteriously removed.

Fortunately for bitcoin, its price was quick to rebound, taking just a few hours to return to its earlier trading levels.

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Of the top five most valuable cryptocurrencies, only ripple and EOSmoved in value by more than 1 per cent, each falling by around 1.5 per cent since this time yesterday.

This appears to have boosted all other major cryptocurrencies, with ethereum and bitcoin cash rising by 5 per cent since this time yesterday.

All other major cryptocurrencies have seen similar losses over the weekend, falling between 1 per cent and 5 per cent since Friday.

Bitcoin has seen a very slight recovery since successive price crashes at the beginning of the week and in mid week saw its value fall by more than $1,000 over the last week.

Bitcoin has fallen price by more than $1,000 over the past week, currently hovering around its lowest price since last November.

So what's caused such a dramatic downturn? We've asked some experts and analysts to explain the price crash.

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The price of bitcoin suffered further losses over the last 24 hours, compounding heavy losses experienced at the start of the week in the wake of a hack on a South Korean cryptocurrency exchange.

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After hitting a record high of more than $19,850 (14,214) in mid-December,bitcoins value tumbled to $12,000 (8,630) within days.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

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Bitcoin price drop live: Latest updates as cryptocurrency ...