Bitcoin is getting demolished

Bitcoin is getting demolished, trading down 12% at $797 per coin as of 7:19 a.m. ET. Wednesday’s selling comes following three days where the cryptocurrency appeared to be stabilizing, holding in a range between $880 and $920, as traders digested the news that the People’s Bank of China warned investors to exercise caution when investing in virtual currencies.

The cryptocurrency has had a wild start to 2017 after booking a 120% gain in 2016, making it the world’s best performing currency for the second year in a row. Bitcoin rallied more than 20% in the first three-plus trading days of 2017, crossing the $1,000 mark for the first time since November 2013 and coming within $46 of an all-time high.

However, worries surrounding a crackdown on trading in China have punished bitcoin over the past four-plus  sessions, erasing about 30% of its value. 

Bitcoin is now down more than 14% in 2017. 

 

The post Bitcoin is getting demolished appeared first on Business Insider.

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    Currencies
    NamePriceChange% Chg
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    EURSGD=X
    1.7546-0.0041-0.23%
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    5.4368-0.00020.00%
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    4.8191+0.0022+0.05%
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    1,203.00+1.50+0.12%
    GCG17.CMX
    17.000.00-0.01%
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    87.56
    ^XAU
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    0.172-0.002-1.15%
    N21.SI
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    AAJ.SI
    0.121+0.006+5.22%
    40F.SI
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    Z74.SI
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