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Bitcoin drops more than 10 per cent as scrutiny of cryptocurrencies grows

Bitcoin buttons are seen displayed on the floor of the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. [REUTERS]

Bitcoin slumped more than 10 per cent over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin.

Bitcoin fell 11.1 per cent from Friday to $9,855 early on Monday, its lowest since July 2. The original cryptocurrency slumped 10.4 per cent on Sunday alone, its second-biggest daily drop this year. It was last up 0.5 per cent at $10,245.

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