Bitcoin value drops by 50% since November peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

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