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Bitcoin flash crashes as investors move to '2nd Bitcoin'

Looming bankruptcy of hacked South Korean exchange also seen affecting cryptocurrency

Bitcoin plunged to $15,600 in Tokyo on Wednesday morning. Some observers attributed the fall to funds flowing to Bitcoin Cash.   © Reuters

TOKYO -- Bitcoin is continuing its wild ride. After nearing $20,000 for the first time last week, the cryptocurrency fell by some $2,000 within an hour on Wednesday morning. Analysts attributed the plunge to an influx of funds to Bitcoin Cash.

The cryptocurrency was also affected by South Korean coin exchange Youbit, which plans to declare bankruptcy after a hack resulted in about a 17% decline in assets. The county has flocked to cryptocurrency perhaps more than any other -- so much so that Prime Minister Lee Nak-yon recently warned that the trend may be corrupting the nation's youth.

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