Bitcoin slumps 14%
Bitcoin, the world’s biggest cryptocurrency, fell as much as 14% to US$51 541 on Sunday, reversing most of the big gains it made over the past week.
Data website CoinMarketCap cited a blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.
Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an e-mail that people “may have sold on the news of the power outage in China and not the impact it actually had on the network”.
The power outage does expose a fundamental weakness; that although the bitcoin network is decentralised, the mining of it is not
Bitcoin Drops 14% to 3-Week Low
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Bitcoin slumps 14% as pullback from record gathers pace
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Bitcoin Slumps 14% to $51,541 As Pullback from Record Gathers Pace
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Bitcoin , the world’s biggest cryptocurrency, fell as much as 14 per cent to US$51,541 on Sunday, reversing most of the big gains it made over the past week.
Bitcoin was last trading down 10 per cent at US$53,991 as of 1320 GMT, a whopping US$12,000 below record highs set on Wednesday. Smaller rival Ether , the coin linked to the ethereum blockchain network, dropped 10 per cent to US$2,101.