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Bitcoin plunges by 30% to below $12,000, worst weekly loss since 2013

The cryptocurrency has risen around twentyfold since the start of the year, climbing to over $20,000 on exchanges

Reuters  |  New York | London 

Bitcoin plunged by 30 per cent to below $12,000 on Friday as investors dumped the cryptocurrency after its sharp rise to a peak close to $20,000 prompted warnings by experts of a bubble. After falling to as low as $11,159, it recouped some losses to trade above $14,000 on the Bitstamp platform, down 9 per cent on the day. It is down around 25 per cent this week, its largest weekly loss since April 2013. It capped a brutal week that had been touted as a new era of mainstream trading for the digital currency when bitcoin futures debuted on CME Group Inc, the world's largest ...

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First Published: Sat, December 23 2017. 10:08 IST