A person holds on January 17, 2018 shows a visual representation of the digital cryptocurrency Bitcoin, at La Maison du Bitcoin in Paris. / AFP / GEOFFROY VAN DER HASSELT
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Bitcoin, the world's largest cryptocurrency, skidded 11 percent 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. Other cryptocurrencies, including Ripple, the third-largest by market value, and bitcoin Cash, have also racked up double-digit declines in the last 24 hours, according to Coinmarketcap.com, which tracks the industry. India, which has likened the cryptocurrency market to a Ponzi scheme, 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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