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Bitcoin plunges under $ 5,000 between the approximate 2018 of 2018 for cryptocurrencies

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Of Jasmin Boyce

Bitcoin dropped below $ 5,000 on Monday, adding to what became a 2018 nightmare for investors who have promoted cryptocurrency.

The continuous drops come after the bitcoin value rose to December 2017, touching nearly $ 20,000. As of Tuesday, a single Bitcoin was trading around $ 4,400 – the lowest level of the year.

Bitcoin is not alone. Other famous cryptocurrencies have also collapsed for the whole year, touching new lows this week. A cryptocurrency is a form of digital currency that is based on technology known as blockchain, in which computers compete against each other to solve complex math problems. That computing power creates a distributed, secure and transparent network register, commonly known as blockchain, on which applications such as bitcoins can be built.

The increase in enthusiasm for bitcoins has led to an influx of investments and speculation on cryptocurrencies and startups linked to the blockchain. The growing hopes that price increases attract institutions such as banks and governments have also helped to further strengthen the legitimacy of bitcoin. Some analysts once predicted that the value of Bitcoin could have reached $ 100,000.

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