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Bitcoin dipped below $6000 for the first time since November

06 February 2018

While not banning crypto-currencies, the financial regulators in both the United Kingdom and France have warned investors that they could lose all their money if they buy digital currencies issued by companies, known as "initial coin offerings". It has erased nearly 65 per cent of its value from a record high $US19,511 in December.

Yesterday, the original cryptocurrency dropped below $7,000 for the first time since mid-November, finishing the session at $6,955.27.

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At the very same time, it was reported that the USA regulators had subpoenaed to - a company that issues the coin and claims it's pegged to the dollar - virtual-currency venue Bitfinex and Tether, that also helped to further the selloff and driving down prices.

According to, XRP is now having a market capitalization of only $27.3 billion. Coinmarketcap shows significant declines across the board. Ripple plunged to $0.59 from a high of $3.80 in January. More than half of this value has since been erased amid the biggest market correction in two years. The Bitcoin index continues to dip as bank all around the world bans its customer on buying digital currency.

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Early last week, Facebook banned ads for cryptocurrencies and initial coin offerings, saying such ads are "frequently associated with misleading or deceptive promotional practices".

Reuters also reported that USA market regulators will tell a congressional hearing tomorrow that digital currencies demand increased oversight and could require a new federal regulatory framework.

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It's impossible to predict how much further the cryptocurrency will crash, but one Reddit user used an edited version of a famous scene from The Simpsons to sum up its fate so far.

Bitcoin dipped below $6000 for the first time since November