Bitcoin loses over a fifth of its value in less than 24 hours


Fell from record valuation of $11,434 to $9,150

Just a day after virtual currency Bitcoin soared to an all-time high of $11,434 (£8,500) on all major digital currency indexes, the cryptocurrency has fallen byas much as 20 percent in the last 24 hours and hit a valuation of $9,150.

According to Reuters, the currency has since lost more than a fifth of its value.

This comes just a day after Bank of England deputy governor warned “investors should do their homework” on Bitcoin. Unlike traditional currencies, Bitcoin is not issued by a central bank or government.

Established in 2009 after the financial meltdown, Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.