5/17, 5:21 AM (Source: TeleTrader)
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Bitcoin drops 10%, briefly touches $7,000

Bitcoin plummeted on Friday after its last week's rise, dropping over 10% and reaching the $7,000 mark, before rebounding somewhat. The cryptocurrency advanced to its new high for the year on Tuesday at $8,300 before starting to fall down again, although its one-week performance is still 13.06% in the green.

Meanwhile, Reuters reported a number of large banks are investing $50 million in a project aiming to use blockchain technology to create a digital cash system.

Bitcoin traded 8.23% lower compared to the dollar at 5:21 am CET, selling for $7,210.

Breaking the News / DJ