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Bitcoin drops to five-month low

By Lawrence Gash

Cryptos follow Bitcoin lead - downwards

Bitcoin drops to five-month low

Bitcoin (BTC), the world’s largest cryptocurrency, has fallen more than 9 per cent in the past 24 hours, dropping below $8,000 (£10,307) for the first time since June.

Currently standing at $7,471.52 (£5,796.93) in afternoon trading, the price of Bitcoin dropped by 5 per cent in just 5 minutes between 12:40 and 12:45 (UTC).

Crypto commentators are currently reticent to describe the current state of Bitcoin as a bear market but consistent with the coin’s innate volatility.

Many still expect the price of Bitcoin to increase in the long term with concerns of a global recession and next year’s halving. In 2020 the reward for mining new blocks of the crypto will halve again, meaning miners receive 50 per cent fewer bitcoins for verifying transactions.

Other cryptos are down in trading. At the time of writing Ether (ETC) is down 10.63 per cent, Litecoin (LTC) is down by 13 per cent and Ripple XRP has dropped by 14.74 per cent.

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Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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