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Economy

Bitcoin value plunges amid panic selling at yuan's rise

Stricter controls drive up Chinese currency, prompting investors to dump speculative holdings

TOKYO -- The value of the bitcoin dropped sharply Thursday night as Chinese individual investors rushed to dump the virtual currency in exchange for the fast-rising yuan.

The price of bitcoins, of which the Chinese are estimated to account for 90% of trading, fell to a level nearly 30% below its most recent high.

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