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| Bitcoin loses more than a third of value over a week | Bitcoin loses more than a third of value over a week |
| (35 minutes later) | |
| Bitcoin continues to give its investors a volatile ride. This week it has lost more than a third of its value from its record high of nearly $20,000. | |
| On Friday, the cryptocurrency's price fell below $11,000, according to the Coindesk exchange website, before recovering to about $12,000. | |
| This puts it on track for its worst week since 2013. | This puts it on track for its worst week since 2013. |
| Bitcoin has had a blistering trip over the past 12 months. Its price at the start of the year was $1,000. | |
| Charles Hayter, founder and chief executive of industry website Cryptocompare, said: "A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes." | Charles Hayter, founder and chief executive of industry website Cryptocompare, said: "A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes." |
| He said a lot of traders would have been cashing in on the spectacular gains made over the year. | He said a lot of traders would have been cashing in on the spectacular gains made over the year. |
| The past few weeks have seen it gain some legitimacy after two major exchanges in the US started trading futures contracts underpinned by Bitcoin. | The past few weeks have seen it gain some legitimacy after two major exchanges in the US started trading futures contracts underpinned by Bitcoin. |
| This allows investors to bet on where they expect the price of Bitcoin to be at certain points in the future. | This allows investors to bet on where they expect the price of Bitcoin to be at certain points in the future. |
| Trading on Friday was so rocky both exchanges, the CME and the CBOE, stopped trading temporarily. | Trading on Friday was so rocky both exchanges, the CME and the CBOE, stopped trading temporarily. |
| Many global exchanges have automatic brakes that apply once a commodity or asset has moved by a certain amount. | Many global exchanges have automatic brakes that apply once a commodity or asset has moved by a certain amount. |
| Regulators around the world have stepped up their warnings about its provenance as an investment. | Regulators around the world have stepped up their warnings about its provenance as an investment. |
| Its origins are only barely understood, its volatility is extreme and its use as a currency is limited. | Its origins are only barely understood, its volatility is extreme and its use as a currency is limited. |
| One of this week's most striking comments comes from Denmark's central bank governor, who called it a "deadly" gamble. | One of this week's most striking comments comes from Denmark's central bank governor, who called it a "deadly" gamble. |
| Earlier this month, the head of one of the UK's leading financial regulators warned people to be ready to "lose all their money" if they invested in Bitcoin. | Earlier this month, the head of one of the UK's leading financial regulators warned people to be ready to "lose all their money" if they invested in Bitcoin. |
| Andrew Bailey, head of the Financial Conduct Authority, told the BBC that neither central banks nor the government stood behind the "currency" and therefore it was not a secure investment. | Andrew Bailey, head of the Financial Conduct Authority, told the BBC that neither central banks nor the government stood behind the "currency" and therefore it was not a secure investment. |