Bitcoin Lost $1000 of Its Value in 2 Days

The price of bitcoin fell back below $7000(USD) on Friday. At just under $6,800, bitcoin lost $1,000 in value from Wednesday, November 8, when it reached $7,888 .

The course of bitcoin had until now ceased to rise since the end of October. From $6,300, it rose to $7,000 after the announcement on Tuesday, October 31, that the world’s largest futures market CME Group would launch futures contracts on virtual currency.

The traders also speculated that the creation of a new branch in the cryptocurrency software (“fork”), initially scheduled for November 16, generates dividends.

The SegWit2x project was dropped on Wednesday, briefly boosting the price to nearly $7900.

Despite this decline of 7% over the week, the price of bitcoin against the dollar remains up 600% since the beginning of the year.

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About the Author: Dara Steenburgh

Dara has been a reporter at with Crypoto Post Gazette since Nov. 2016. She enjoys running, practicing minimalism, reading whatever Oprah recommends, and trying out the next best skincare item that probably won't work. Dara is a graduate of Wesleyan University in Connecticut where she studied journalism, Arabic and international affairs. To contact Dara, just click here

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