Bitcoin prices suffered a modest pullback over the last few days, dropping by 10% after reaching their latest all-time high of nearly $69,000 on Wednesday, November 10.
The digital currency fell below $62,000 today, for the first time since Oct 28.
Bitcoin is a type of cryptocurrency. There is no physical bitcoin, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power. Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity.
Cryptocurrencies may also be employed in MasterCard operations. Vice President of the corporation Raj Damodaran said that the management of the company will support use of some cryptocurrency in the Mastercard network by the end of the year.
The Central Bank of Indonesia prohibited payment with Bitcoins and other cryptocurrencies.
Foreign media says that the cryptocurrency may soon obtain official status.
Bitcoin and other cryptocurrencies are likely to be subjected to some regulations, the Governor of Sveriges Riksbank (the central bank of Sweden) said.
