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Last Updated : Jun 29, 2018 06:08 PM IST | Source: Moneycontrol.com

Bitcoin ends first half of 2018 below $6,000

Since the beginning of this year, Bitcoin exchanges in Japan and South Korea have been hacked, which greatly reduced demand for the cryptocurrency

Bitcoin ended the first half of 2018 below the $6,000 mark. According to a Bloomberg report, the world’s largest cryptocurrency was priced at $5,862 on Friday.

This was Bitcoin lowest price since November 2017.

Since the beginning of this year, Bitcoin exchanges in Japan and South Korea have been hacked, which greatly reduced demand for the cryptocurrency.

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Security and regulatory concerns were raised after subsequent episodes were reported by institutions across the world.

The cryptocurrency has lost close to 60 percent of its value this year. According to Coindesk, Bitcoin's all-time high in the first half of 2018 was at $17,135.84 on January 6.

The report also notes that rival cryptocurrencies like Litecoin, Ripple and Ethereum, also fell during this period.

Central banks and other regulators around the globe have also issued warnings over fraud and investor losses.

All major cryptocurrencies are set to end June with declines of about 20 percent or more, raising questions about their validity as an asset class.

Former winner of the Nobel Prize for Economics Robert Shiller had earlier called Bitcoin a "speculative bubble".
First Published on Jun 29, 2018 06:08 pm
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