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Bitcoin plunges below $13,000, heads for worst week since 2013

NEW YORK: Bitcoin plunged below $13,000 (£10,970) on Friday after losing around a third of its value in just five days, with the digital currency on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on Sunday. The biggest and best-known cryptocurrency had seen a staggering twentyfold increase since the start of the year, climbing from less than $1,000 to as high as $19,666 on the Luxembourg-based Bitstamp exchange  on Sunday and to over $20,000 on other exchanges. But bitcoin has…

Bitcoin plunges 15% to below $14,500 after hitting new record

SINGAPORE: Bitcoin plunged as much as 15 percent to below $14,500 on profit-taking Friday, capping a roller-coaster week that saw the currency hit a series of record highs and underlining concerns about its volatility. The virtual currency, which has no central bank backing and no legal exchange rate, briefly hit a new record of $17,000 before plunging to $14,480 in Asian afternoon trade, according to Bloomberg News. It clawed back some ground and stood at $16,100 in later trading. Created in 2009 as a bit of…