FILE PHOTO: The Bitcoin logo is seen on a pillow on display at the Consensus 2018 blockchain technology conference in New York City, New York, U.S., May 16, 2018. REUTERS/Mike Segar
LONDON (Reuters) – 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.
Reporting by Tommy Reggiori Wilkes; editing by Sujata Rao