LONDON (Reuters) – Bitcoin dropped below $7,000 on Friday to trade more than 5 percent down on the day, having fallen by well over $1,000 since hitting an all-time high on Wednesday.

A bitcoin (virtual currency) coin placed on Dollar banknotes is seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration

Bitcoin dropped to $6,800 on the Luxembourg-based Bitstamp exchange BTC=BTSP by 1200 GMT, before recovering a little to $6,870 just over 20 minutes later.

On Wednesday around 1800 GMT, it had touched $7,888 after

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