Bitcoin goes down below $14,000, losing 30% from record high

Bitcoin goes down below $14,000, losing 30% from record high

On Friday, the cryptocurrency bitcoin headed south below $14,000 on the Bitstamp exchange, losing approximately 30% from its record maximum near $20,000 reached in the beginning of this trading week.

The cryptocurrency that was worth $1,000 in the beginning of 2017 had managed to soar to a record maximum of $19,666 on Sunday. Since that leap it has lost approximately a third of its value.

Bitcoin's success encouraged other cryptocurrencies and also spurred the profile of its counterparts, thus generating alternatives to bitcoin.

Currently a great deal of the capital is rushing from bitcoin into alternative coins. As a result, such companies as Ripple and Verge have gained more than 400% for the previous week.

Ripple and Verge appear to be among an array of cryptocurrencies, both emulating and taking on bitcoin.

By the way, on Tuesday, South Korea's Financial Supervisory Service told that it doesn’t consider bitcoin as well as other cryptocurrencies to be currencies at all.

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