FILE PHOTO: A logo of Bitcoin is seen on an advertisement of an electronic shop in Tokyo, Japan September 5, 2017. REUTERS/Kim Kyung-Hoon/File Photo
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Bitcoin, the world's largest cryptocurrency, skidded 11 percent on Thursday to its lowest since late November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.Thursday's drop to as low as $9,022 on the Luxembourg-based Bitstamp exchange left bitcoin trading at less than half the peak price of almost $20,000 it reached in December. Last year's explosive rise in the value of digital coins and the flood of new retail investors drawn to the market have rattled global regulators nervous about a sector used largely for speculation.India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use.A $530 million hack of Japanese cryptocurrency exchange Coincheck late last week has also weighed on the market, along with a subpoena U.S. regulators sent to two of the world's biggest cryptocurrency players, Bitfinex and Tether .
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