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Value of Bitcoin falls sharply

Bitcoin's value has reached its lowest point since November 2017.

The much-discussed cryptocurrency has seen its price drop to $5,947.40 (£4,256.44), according to a price index run by Coindesk, which is the lowest it has sunk since its peak in November.

In the penultimate month of 2017, the currency's value hit $19,000 before its worth started to fall over the next few weeks.

The decline of Bitcoin's value comes as Lloyds Banking Group has banned customers from using its credit card to purchase Bitcoin and other cryptocurrencies.

The move will see the restrictions apply to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers.

There are fears people could run up debts, leaving Lloyds concerned it may end up having to foot the bill for unpaid amounts if the prices continue to fall.

A spokeswoman said: "We continually review our products and procedures and this is part of that."

However, it has been confirmed that the ban will only apply to the eight million credit card customers signed up with the banking group, and not to its debit card users.

The announcement came shortly after British Prime Minister Theresa May issued a warning about cryptocurrencies.

She recently said: "[Action against cryptocurrencies may be required] precisely because of the way they are used, particularly by criminals ... In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously."

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