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The crypto market has lost 20% of its value in 2 weeks and bitcoin is still dropping

August 8, 2018

LONDON — The price of bitcoin is slipping on Wednesday, extending a poor run for the digital currency.

Bitcoin is down almost 3% to $6,521.47 at 12.45 a.m. BST (7.45 a.m. ET). Over the last 24 hours, it is down around 7%. The cryptocurrency has fallen 13% since the start of the month.

Analysts at the London Block Exchange said in an email on Wednesday that the latest slump appears to have been triggered by a US Securities and Exchange Commission’s announcement late on Tuesday. The regulator announced it is postponing a decision on whether to approve or deny a bitcoin ETF product from CBOE until September.

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