Bitcoin plunges 7% to hit five-month low

The price of bitcoin, the world's best-known virtual currency, dropped more than 7% on Wednesday to $7,412, its lowest since the middle of May.

It was not immediately clear why the price, which started its descent around 1340 GMT, had fallen so sharply. Bitcoin's price on the Luxembourg-based Bitstamp exchange was last down at $7,474.

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