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BILLIONS of dollars were wiped out within minutes from the market capitalisation of bitcoin (BTC), as the cryptocurrency experienced a sudden and unexpected plunge in value today.
By SAM STEVENSON
PUBLISHED: 05:34, Thu, Oct 11, 2018
UPDATED: 11:04, Thu, Oct 11, 2018

BTC has experienced a sudden drop in its value after a stable few months of trading, as five percent was shaved off its price almost instantaneously.

Other leading cryptocurrencies, ripple and ethereum, were dragged down with it as the price plummet caused a ricochet effect on the whole cryptocurrency market.

The world’s leading cryptocurrency had entered a period of remarkable stability as the asset hit a 17-month volatility low in September.

But the steady spell appears to be over, with the digital asset taking a huge price hit causing $13billion to be lost in minutes, according to CoinDesk data.

 

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