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Bitcoin has now dropped $500 after more reports China will ban cryptocurrency exchanges

Bitcoin has plummeted further after China launched a crackdown on cryptocurrencies. The currency went into freefall on Friday, after reports that China was about to ban cryptocurrency exchanges. It has continued to decline in value, currently standing at $4161.62 (£3155), down more than $500 from a high of $4698.72 (£3562) on 7 September. Chinese outlet Caixin first reported the ban on Friday.
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