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Bitcoin value falls below $5000

The value of Bitcoin has fallen below $5000 for the first time in over a year.

One Bitcoin is currently worth $4,314.90, making the value the lowest it has been since October 2017, and bringing the total value of all Bitcoin in existence to below $87 billion.

According to the BBC, November 2017 brought the highest ever value of Bitcoin when it briefly hit $19,783, which means the current price fall has reduced its worth by about 75 percent.

Last week, Bitcoin Cash - an offshoot of Bitcoin - split into two different crypto-currencies, which are now in competition with each other, and some observers have blamed this for creating the turmoil which led to the dramatic price drop.

Bitcoin exchange Kraken said in a blog post that it regarded one of the two new Bitcoin Cash crypto-currencies - Bitcoin SV - as "an extremely risky investment".

The post read: "WARNING: Bitcoin SV does NOT meet Kraken's usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of."

The BBC reports that Bitcoin had been relatively stable since its November 2017 value hike and subsequent drop, settling between $6,000 and $7,000 for most of 2018.

Now the price has fallen again, experts are blaming bitter rifts in the community around a Bitcoin variant, after Bitcoin Cash split from Bitcoin after a dispute about its direction.

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