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Crypto Crash Busts The Price Of Bitcoin | PYMNTS.com

What goes up must come down — and yesterday, it seemed it was cryptocurrency’s turn to take a dance with gravity.

Bitcoin saw its price drop by as much as 25 percent. Bitcoin losses, however, were probably felt a bit more acutely — by close of business in New York, bitcoin was trading for $10,370, a 48 percent fall-off from the peak price of $19,783 that it hit in mid-December 2017.

The fall was brought on by a variety of factors. Bitcoin future trading opened for the first time last month, and contracts trading on the Cboe exchange are scheduled to expire Wednesday for the first time since launch. As of now, the contract expiring later is slightly below the spot price of bitcoin — which is widely considered a bearish sign.

World governments — most notably South Korea, which seems to be a bit back and forth on the subject — have hinted that a ban on crypto-trading may be forthcoming, and Chinese authorities have made their intention to crack down on mining in-nation quite clear.

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Crypto Crash Busts The Price Of Bitcoin | PYMNTS.com.