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Bitcoin: Currency backed by nothing down to $9,400, $44.2 billion gone

Staff Writer | February 1, 2018
The Bitcoin price has dropped firmly below $10,000 again. It came down to $9,400 but some analyst expect it fall even further below $8,500.
Currency   January slide knocked $44.2 billion off
Bitcoin's January slide knocked $44.2 billion off the $200 billion in market value generated in all of last year, the biggest one-month loss in dollar terms in the short history of digital assets.

Since reaching a peak of almost $20,000 in early December after the introduction of futures contracts on regulated exchanges in the U.S., a series of negative news has buffeted Bitcoin and rival cryptocurrencies, with losses intensifying since the start of 2018.

A record $500 million heist of an alternate coin at Japanese exchange Coincheck Inc. on January 26 upped the pressure on regulators to probe business practices within the largely unregulated industry, while authorities in trading hotbed South Korea continue to debate more serious measures including a ban on such exchanges.