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Has the Bubble Burst? Bitcoin Drops 25% in 24 Hour Sell-Off

© Sputnik / Vladimir Astapkovich / Go to the photo bankA souvenir coin of the bitcoin
A souvenir coin of the bitcoin - Sputnik International
Only about a day after reaching it record-high, Bitcoin saw its value rapidly plummeting on Thursday, November 30, as the cryptocurrency lost nearly a fifth of its value.

While the cryptocurrency price soared to $11,395 on November 29, the tide has apparently turned against Bitcoin as it ended up falling down to $9,200 by the end of the next day.

Initially Bitcoin price plummeted to $9,000 but managed to recover a little by the end of November 30.

Bitcoin - Sputnik International
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This rapid dive was preceded by an equally impressive price increase as Bitcoin value rose from $1,000 at the beginning of the year to over $11,000 earlier this month.

Earlier former chief economist of the World Bank Joseph Stiglitz insisted that Bitcoin should be outlawed as it “doesn’t serve any socially useful function," adding that the cryptocurrency is “successful only because of its potential for circumvention, lack of oversight."

This development did not elude the watchful eye of Twitter users who speculated about the future of bitcoin and cracked jokes on the occasion.

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