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Bitcoin’s year-end rally running out of steam as price drops to $13,000

PUBLISHED: 13:42 22 December 2017 | UPDATED: 13:42 22 December 2017

Coins displayed next to a bitcoin ATM in Hong Kong. The price of the virtual currency has taken a hit in the last week. Picture: AP/Kin Cheung.

Coins displayed next to a bitcoin ATM in Hong Kong. The price of the virtual currency has taken a hit in the last week. Picture: AP/Kin Cheung.

Bitcoin went into freefall on Friday, its price collapsing from nearly $20,000 to around $13,000 as steam appeared to be running out of its year-end rally.

According to Coindesk, the cryptocurrency was trading at $13,155, a fall of over 30% in five days.

It comes after a troubled week for Bitcoin, in which a cryptocurrency exchange went bust in South Korea following a cyber attack, knocking its price.

Coinbase, another exchange based in the US, also said it was opening an investigation into sharp price increases.

Neil Wilson, senior market analyst at ETX Capital, said: “Has the bubble finally popped? It’s hard to see the bell tolling just yet.

“Large price swings have become so normal that it’s hard to decide.”

But it hasn’t all been bad news this week. The Chicago Mercantile Exchange (CME) launched its own bitcoin futures trading on Monday, following in the footsteps of the CBOE exchange.

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